J.F. Lehman & Company has closed its acquisition of publicly traded Crystal Clean at a valuation of $1.2 billion.
Crystal Clean is a provider of parts cleaning services, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and other industrial and field services.
Customers of the company include vehicle maintenance businesses, manufacturers and other industrial businesses, as well as utilities and governmental entities. Crystal Clean is headquartered near Chicago in Hoffman Estates, Illinois, and operates through 105 branch and industrial services locations serving approximately 104,000 customer locations.
In FY2022, Crystal Clean’s used oil re-refining program recycled approximately 66 million gallons of used oil into high quality lubricating base oil that was sold to companies that produce and market finished lubricants. The company’s wastewater vacuum services program treated approximately 84 million gallons of wastewater in FY2022.
For the trailing twelve months ending June 30, 2023, Crystal Clean had revenues of $799 million and an Adjusted EBITDA of $156 million. Based on the enterprise valuation of $1.2 billion, this equates to an Adjusted EBITDA valuation multiple of 7.7x.
J.F. Lehman is a middle-market private equity firm focused primarily on the maritime, defense and aerospace sectors. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. J.F. Lehman is headquartered in New York City with an additional office in Washington, DC.
William Blair & Company was the financial advisor to Crystal Clean, and J.F. Lehman was advised by Houlihan Lokey and Jefferies.
© 2023 Private Equity Professional | October 19, 2023