ACV Enviro, a portfolio company of Kinderhook Industries, has acquired CTR Industries, a provider of hazardous and non-hazardous waste management services throughout the Northeastern United States.
CTR Industries (formerly known as Connecticut Tank Removal) specializes in industrial maintenance, emergency response, tank removal, remediation, demolition and transportation and disposal. Customers of CTR range from large corporations to individual homeowners.
The company is headquartered in Bridgeport, CT and operates out of four facilities – three in Bridgeport and one on Long Island in Medford, NY.CTR was founded in 1994 by Joseph Palmieri and Robert Kellerman and has approximately 50 employees (www.ctrindustries.com).
ACV Enviro is a regional provider of hazardous and non-hazardous waste management services throughout the Northeastern United States to commercial and government entities, including utilities, refineries, power plants, and chemical manufacturing plants, as well as academic and medical institutions. ACV’s waste removal services include assessment, remediation, treatment, transportation, laboratory analysis, storage, and disposal for both planned and emergency responses. The company, led by CEO Andrew Shackett, has 25 service locations and is headquartered near New York City in Avenel, NJ (www.acvenviro.com).
Kinderhook formed ACV in November 2015 through the acquisitions of Allstate Power Vac and Clean Venture/Cycle Chem. The buy of CTR is the second add-on acquisition for ACV and follows the January 2017 acquisition of Skowhegan, ME-based Walker Industrial Service, a provider of industrial services including hydroblasting, vacuuming, sewer pipe and catch basin cleaning, high volume sludge pumping, and pipeline inspection and testing.
“We look forward to building on the success CTR has already achieved as a best-in-class operator in the Northeast,” said Rob Michalik, Managing Director at Kinderhook. “CTR represents a highly strategic acquisition for ACV as it will expand our geographic presence and enable us to cross-sell our extensive integrated service offerings into a new market.”
Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small capitalization companies lacking institutional support. Sectors of interest include healthcare services, environmental/business services, and automotive/light manufacturing. Kinderhook was founded in 2003 and is based in New York (www.kinderhook.com).
“The acquisition of CTR complements our strategy of providing all of our customers with a comprehensive suite of environmental services offerings,” said Mr. Shackett. “We can now offer a variety of hazardous and non-hazardous environmental services to an expanded portion of the Northeast market.”
Potters & Della Pietra (www.pdplawfirm.com) provided legal services to Kinderhook on this transaction and Jacobi Case & Speranzini (www.jacobicase.com) served as legal counsel to CTR Industries.
© 2018 Private Equity Professional | October 2, 2018