Altus Capital Partners has acquired MAX Environmental Technologies in partnership with industry executive Bob Shawver who becomes the company’s new CEO. The seller was the company’s current owner, L. William Spencer.
MAX Environmental provides hazardous and non-hazardous waste transportation, processing, and disposal for companies operating in the manufacturing, energy, and infrastructure sectors. The company was founded in 1957 and acquired by Mr. Spencer in 1995. MAX Environmental is based in Pittsburgh with processing facilities in Bulger, PA and Yukon, PA (www.maxenvironmental.com).
Located just east of Pittsburgh, MAX’s Yukon site is the easternmost hazardous waste processing and disposal facility in the United States and strategically located to serve the industrial and government hazardous waste opportunities along the East Coast. The company’s Bulger facility is located in the heartland of the Marcellus and Utica Shale gas plays, positioning this facility for disposal services for the oil and gas market.
Mr. Shawver was previously the President and CEO of MHF Services (a portfolio company of Relativity Capital) from June 2009 to May 2015. MHF is a Pittsburgh-based provider of packaging, transportation and logistics for generators and shippers of radioactive, hazardous, and non-hazardous waste, materials, and byproducts. Relativity Capital sold MHF to Energy Solutions, a portfolio company of Energy Capital Partners, in May 2015. Prior to his tenure at MHF, Mr. Shawver served for 20 years as executive vice president and CFO of Duratek, a $300 million publicly traded radioactive materials services and technology firm.
“We are excited to partner with Bob Shawver and his management team in executing its growth plan for MAX Environmental. We look forward to working with and supporting them as they strive to create a premier provider of environmental and waste management solutions,” said Heidi Goldstein, a Partner at Altus.
“I’m delighted to have the opportunity to leverage my 25 years of experience working in the environmental industry to lead the company in its next phase of growth,” said Mr. Shawver. “With Altus as our new partner, we will continue to invest in the business, its infrastructure, and related growth opportunities.”
Altus Capital Partners invests in corporate divestitures, management-led buyouts, and privately-held or family-owned businesses with manufacturing operations based primarily in the Midwest and Eastern regions of the United States. Target companies will have at least $5 million of EBITDA and an enterprise value from $30 million to $100 million. The firm is headquartered in Wilton, CT with an additional office near Chicago in Lincolnshire, IL (www.altuscapitalpartners.com).
© 2017 Private Equity Professional | February 9, 2017
