Blue Point Buys TAS from TEAM
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Blue Point Buys TAS from TEAM

Blue Point Capital Partners has acquired TAS Environmental Services (TAS), a provider of environmental and industrial services, from TEAM Partners.

TAS Environmental is a regional environmental services company that provides industrial services, emergency and spill response, wastewater disposal, transportation, box rental and terminal services. TAS, led by CEO Ed Genovese, operates out of 13 locations in Texas, Louisiana, and Arkansas and is headquartered in Fort Worth, TX (www.taslp.com).

“TAS values the relationship we have developed with TEAM Partners over these years,” said Mr. Genovese. “Their experience and steady hand allowed the company to navigate growing from a small owner-operated business to a leading regional player.”

TEAM acquired TAS in 2012 and over its investment period closed five add-on acquisitions, added new locations, expanded the company’s fleet, and added additional services. “This transaction represents the culmination of a successful partnership with TAS spanning over six years,” said David Mann, managing partner of TEAM Partners. “Our value creation plan resulted in substantial growth in TAS’ financial performance and generated a great outcome for all the stakeholders.”

The buy of TAS is the fourth platform investment for Blue Point IV, the firm’s fourth middle market buyout fund, which closed in January 2018 at its hard cap of $700 million. Blue Point invests in companies that are active in the manufacturing, distribution and business services sectors and have from $20 million to $300 million in revenue and EBITDA greater than $5 million. The firm has offices in Cleveland, Charlotte, Seattle, and Shanghai (www.bluepointcapital.com).

Blue Point was founded in 1990 and over the past 19 years has made 37 investments in the business services sector. “Blue Point’s ability to leverage our prior experience with multi-branch environmental and industrial services makes TAS a perfect addition to the Blue Point IV portfolio,” said Sean Ward, a partner with Blue Point.  “TAS has created a leading presence in the region, and we are excited to help the company continue to execute on their growth strategies and goals to keep workplaces and the environment healthy and safe.”

“We look forward to partnering with the TAS team to help build upon its strong platform, including via strategic acquisitions, while maintaining the company’s outstanding service and safety track record,” said Charley Geiger, a principal with Blue Point.

TEAM Partners, the seller of TAS, invests in profitable, family-owned and owner-operator businesses that have up to $100 million in revenue and have a minimum EBITDA of $1 million. Sectors of interest include consumer products, industrial services, manufacturing, distribution and business services. The firm was founded by David Mann – previously a partner at Brazos Private Equity Partners – and is headquartered in Dallas (www.teampartnersllc.com).

Brown Gibbons Lang & Company (www.bglco.com) was the financial advisor to TAS on this transaction.

© 2019 Private Equity Professional | May 7, 2019

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