Valicor Environmental Services, a portfolio company of Wind Point Partners, has acquired Midstate Environmental Services.
Midstate operates two centralized wastewater treatment (CWT) facilities and provides used oil collection and processing services throughout Texas and Oklahoma. The company is based near Dallas in Hutchins, TX (www.midstateenv.com).
In June 2017, Wind Point Partners partnered with waste management and environmental services executive James Devlin to acquire Valicor Environmental Services, a provider of non-hazardous wastewater treatment services and a division of employee-owned Valicor Inc. As part of the transaction, Wind Point acquired all of Valicor’s wastewater and oil processing assets as well as ownership of the Valicor brand. In July 2017 the company completed its first add-on acquisition with the buy of Ultra Environmental, a Burlington, KY-based collector and processor non-hazardous industrial wastewater. Valicor is headquartered north of Cincinnati in Monroe, OH (www.valicor.com).
According to Valicor, Midstate has the capacity to expand its wastewater treatment operations which will allow Valicor to become one of the leading wastewater treatment providers in the state of Texas. “We are excited to extend Valicor’s leading network into Texas and Oklahoma. Valicor continues to expand into additional geographies in order to better serve both new and existing customers,” said James Devlin, Valicor’s Chief Executive Officer. “Midstate will play a critical role in building out our offerings of wastewater and other environmental solutions. We could not be more excited about this addition to the Valicor platform.”
Valicor’s acquisition program focuses on acquiring operators of CWT facilities as well as other providers of waste management and environmental services, including materials recycling, used oil processing, product destruction, landfill solidification, and related services.
“Midstate further expands Valicor’s geographic reach and enhances our offerings of environmental solutions, which was a core tenet of our value creation plan when we acquired Valicor,” said Konrad Salaber, a Managing Director with Wind Point.
Wind Point invests from $30 million to $150 million in companies with revenues from $100 million to $500 million and EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. Wind Point was founded in 1984 and is based in Chicago. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history (www.wppartners.com).
© 2017 Private Equity Professional | November 20, 2017
