Audax Private Equity has acquired EnviroVac, a provider of industrial cleaning and maintenance services, from RLJ Equity Partners.
EnviroVac is a provider of industrial cleaning and maintenance services. The company utilizes high-pressure washing and vacuum equipment to service companies operating in the pulp and paper, chemical, steel, oil and gas, and power industries. EnviroVac often serves as an in-house provider with embedded equipment and personnel on-site at customer facilities. The company, founded in 1998, operates ten facilities located in Louisiana, Mississippi, Alabama, Georgia, South Carolina, and North Carolina. EnviroVac is headquartered in Savannah, GA (www.cleancompany.com).
“Partnering with Audax provides access to a broad range of resources, enabling EnviroVac to reach new heights in the industrial cleaning industry, grow into new market segments and service lines, and complete additional strategic acquisitions,” said Kevin Jackson, CEO of EnviroVac.
“EnviroVac is a leader in the industrial cleaning industry. We are excited to partner with Kevin Jackson and the rest of the EnviroVac team and support them in this next phase of growth,” said Geoffrey Rehnert, Co-Chief Executive Officer of Audax.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
RLJ Equity Partners acquired EnviroVac in June 2014 from Miami-based Pine Tree Equity Partners. “Since our investment three years ago, EnviroVac has thrived under the leadership of their President & CEO Kevin Jackson,” said Jerry Johnson, Managing Director at RLJ Equity Partners. “EnviroVac achieved considerable growth as a result of its intentional focus on innovation, customer service, and the integration of a significant strategic acquisition, which enabled EnviroVac to serve the Southeast by providing comprehensive services, thereby boosting revenues. We are proud to have been an instrumental part of EnviroVac’s success.”
RLJ Equity Partners invests from $15 million to $30 million in companies valued between $50 million and $250 million. Target companies will have operating profits greater than $7 million and operating margins greater than 10%. Sectors of interest include aerospace & defense; auto & transportation; business services; consumer retail; general industrial; and media & telecom. RLJ Equity Partners was founded in 2006 by Robert Johnson in partnership with The Carlyle Group. The firm is headquartered in Bethesda, MD (www.rljequitypartners.com).
Twin Brook Capital Partners, the middle market direct lending subsidiary of Angelo, Gordon & Co., was the sole lead arranger and administrative agent for the debt facilities that supported Audax’s buy of EnviroVac. Twin Brook (www.twincp.com) focuses on loans to companies with EBITDA between $3 million and $50 million. The firm is led by Trevor Clark and Christopher Williams, two of the original founders of Madison Capital Funding.
Houlihan Lokey was the financial advisor to EnviroVac.
© 2017 Private Equity Professional | July 11, 2017
