GenNx360 Capital Partners has acquired Miller Environmental Group, a provider of environmental services.
Miller Environmental Group (MEG) provides industrial cleaning, environmental emergency response, environmental remediation, health and safety training, and marine support services to the utility, transportation and petrochemical industries.
MEG was founded in 1971 and is headquartered on Long Island in Calverton, NY. The company, led by its owner and CEO Mark Miller, has eight additional facilities serving the Mid-Atlantic and Northeastern US (www.millerenv.com).
“We chose GenNx360 as our partner because we appreciated their specialization in the industrial sector and saw they would be a great match for MEG,” said Mr. Miller. “GenNx360 has an extremely talented team, many of whom have solid technical and operational backgrounds. These folks “get” operations-oriented companies and speak our language. We see numerous exciting growth avenues and look forward to accelerating those initiatives leveraging GenNx360’s expertise as MEG enters a new chapter of growth under their new ownership.”
Mr. Miller will continue as a member of MEG’s board of directors and will be exiting from the day-to-day operations of the company. Vice President of Operations Jerry Coogan has been appointed the company’s new chief executive officer.
“We are pleased to make this investment in MEG,” said Matt Guenther, a managing partner who led the transaction for GenNx360. “We recognized the company as a leader in its sector and believe they are well-positioned to capitalize on the increasing demand for differentiated environmental services. We look forward to working with MEG’s strong, experienced management team and to broaden its offerings through organic growth and strategic add-on acquisitions to expand its geographic reach.”
GenNx360 invests equity of $25 million to $75 million in companies that have revenues from $75 million to $250 million and EBITDA from $8 million to $25 million. Typical transaction sizes range from $50 million to $200 million. Target industries include industrial machinery and components, logistics, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York (www.gennx360.com).
© 2019 Private Equity Professional | March 21, 2019
