Wind Point Builds Valicor

Valicor Environmental Services, a portfolio company of Wind Point Partners, has acquired Spirit Services.

Spirit operates a centralized wastewater treatment (CWT) facility located in Williamsport, MD, as well as oil processing and transfer facilities located in Williamsport and Buena Vista, VA, which also provide vacuum truck and filter recycling services to a range of customers throughout the mid-Atlantic region (www.spiritservices.com).

In June 2017, Wind Point 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. Valicor is headquartered north of Cincinnati in Monroe, OH (www.valicor.com).

Spirit has the capacity to expand its wastewater treatment operations and will enable Valicor to become one of the leading wastewater treatment providers in the region. “We are thrilled to extend Valicor’s leading network into Maryland and Virginia,” said Mr. Devlin. “Valicor continues to expand into additional geographies in order to better serve both new and existing customers. Spirit Services will play a critical role in building out our offerings of wastewater and other environmental solutions and we could not be more excited about this addition to the Valicor platform.”

Including the Spirit acquisition, Valicor has increased its number of CWT facilities from five to eleven in fifteen months and made substantial progress in building out a national footprint. Earlier add-on acquisitions included Midstate Environmental Services (November 2017), a Hutchins, TX-based operator of two CWT facilities and provides used oil collection and processing services throughout Texas and Oklahoma; and Ultra Environmental (July 2017), a Burlington, KY-based collector and processor non-hazardous industrial wastewater.

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.

“Spirit Services further expands Valicor’s geographic reach and enhances our offerings of environmental solutions,” said Konrad Salaber, a Managing Director with Wind Point. “The Spirit team has built a fantastic business and we are excited to continue providing exceptional service to their customers going forward.”

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, 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. The firm was founded in 1984 and is based in Chicago (www.wppartners.com).

© 2018 Private Equity Professional | November 30, 2018

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