J.F. Lehman & Company (JFLCO) has acquired NorthStar Group Services in partnership with Medley Capital Corporation.
NorthStar is a provider of a number of services to the commercial and government end markets including facility demolition, facility abatement, soil and groundwater remediation, disaster recovery and clean-up services, and nuclear decommissioning services. NorthStar has more than 4,500 employees with a national operating presence across the United States. The company is headquartered in New York (www.northstar.com).
“JFLCO’s recapitalization of our company will enable NorthStar to fully pursue business opportunities which the management team has laid the foundation for over the past several years,” said CEO Scott State. “NorthStar will have the resources, capital structure and operational resources to support our long term priorities and growth plans – enabling a superior offering that will be well received by our customers and employees alike.”
“NorthStar has a sterling reputation in its core markets, providing high quality environmental and technical services across a wide array of end-markets throughout the United States,” said Alex Harman, Partner at JFLCO. “They have coupled this leading market position with several near-term growth opportunities that we are excited to partner with the senior management team to pursue.”
J.F. Lehman & Company was founded by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with an additional office in Washington, DC (www.jflpartners.com).
Medley Capital Corporation (NYSE: MCC) is an investor in privately-held middle market companies. The firm has offices in New York and San Francisco (www.medleycapitalcorp.com).
Debt financing for the transaction was arranged by M&T Bank. Houlihan Lokey was the financial advisor to NorthStar.
© 2017 Private Equity Professional | June 14, 2017