O2 Continues Build of Abatement Platform

O2 Investment Partners has formed EIS Holdings to house its investments in environmental abatement services companies 1 Priority Environmental Services and Earth Services & Abatement. EIS has also now acquired Arkansas-based Snyder Environmental & Construction.

Snyder Environmental is a provider of environmental abatement and remediation services throughout the Southcentral United States, particularly Arkansas, Oklahoma, and Tennessee. The company specializes in asbestos abatement, mold remediation, dust control, and lead paint removal. Snyder, led by CEO Joe Carter and President Justin Dixon, was founded in 2001 and is headquartered in North Little Rock, AR with additional offices in Tulsa, OK; Dallas, TX; and Bentonville, AR.

With the addition of Snyder, EIS Holdings is now one of the top five abatement firms in the US with over 550 employees and 19 offices serving the Southern, South Central, Midwest, and Rocky Mountain regions of the United States. EIS, led by CEO Gary Caldwell, COO Rob Odom, and CGO Kory Mitchell, has completed six transactions in the past three years and an additional three more businesses are currently under letters of intent.

“Gary, Rob, Kory, and the rest of the leadership at EIS Holdings have done an incredible job of incorporating each other’s businesses into this national platform. Joe Carter, Justin Dixon, and the rest of the team at Snyder are great additions to the platform and we’re looking forward to their continued growth,” said Luke Plumpton, a partner at O2.

O2 acquired 1 Priority Environmental Services, a provider of asbestos abatement, lead abatement, mold remediation, and biohazard decontamination, in May 2018 and merged it in February 2019 with Earth Services & Abatement, a provider of asbestos and lead abatement, water and soil remediation, and structural demolition services.

1 Priority was founded in 2003 and is headquartered in Fort Worth, TX with regional Texas offices located in Houston, San Antonio, Corpus Christi, Gatesville (Fort Hood), Lubbock, and two additional regional offices in Shreveport and Baton Rouge, LA. Earth Services & Abatement, headquartered in Denver, maintains licenses and certifications in 34 states and has completed more than 10,000 projects since its founding in 1982.

 

“Snyder has a phenomenal reputation in the abatement industry, and they bring significant scale and geographic diversity to EIS,” said Mr. Caldwell. “Joe Carter and Justin Dixon have built a rock-solid company and we are looking forward to helping them continue to serve their clients. We are excited to have Joe and Justin on our team.”

O2 makes control investments of $5 million to $75 million in companies with EBITDAs from $2 million to $10 million located anywhere in the US and Canada but prefers the Midwest and the Great Lakes regions. Sectors of interest include niche manufacturing, niche distribution, select service businesses, and certain technology businesses.

In October 2017, O2 held a final closing of its Oxygen Fund with an above-target $100 million of capital commitments. O2, based in the Detroit suburb of Bloomfield Hills, is backed by the Orley family which has been investing in operating businesses and real estate since 1950.

© 2019 Private Equity Professional | October 24, 2019

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