Crystal Clean, a portfolio company of J.F. Lehman & Company, has completed two add-on acquisitions with the purchases of Premium Environmental Services and sister companies Worldwide Recovery Systems and YES Management (together, WRS).
Crystal Clean provides environmental and industrial services to manufacturers, industrial businesses, utilities, governmental entities, and providers of vehicle maintenance services. Its offerings include parts cleaning, waste management, used oil collection and re-refining, wastewater vacuum services, emergency spill response, and antifreeze recycling. These services help customers manage used chemicals and waste while minimizing regulatory burdens.
Headquartered near Chicago in Hoffman Estates, Illinois, Crystal Clean operates more than 100 branches and industrial service locations, serving approximately 104,000 customer sites.
Premium Environmental Services (PES) specializes in spill response and waste disposal, offering nationwide emergency response coverage through its contractor network. The company is headquartered near Evansville in Newburgh, Indiana.
Headquartered near Los Angeles in Pomona, California, Worldwide Recovery Systems provides waste collection, transportation, and disposal services across California and Arizona. Its additional services include lab packing—safely handling, transporting, and disposing of hazardous chemicals and materials typically in small quantities—and oil filter processing. Its sister company, YES Management, operates a non-hazardous waste transfer station in Yuma, Arizona.
“The acquisitions of PES and WRS each have tremendous potential to advance our strategic priorities with increased access to the eastern and western U.S. markets,” said Brian Recatto, the president and CEO of Crystal Clean. “Targeted investments in vertical integration are a core component of our strategy, and we are thrilled to welcome the PES and WRS teams into Crystal Clean.”
J.F. Lehman acquired publicly traded Crystal Clean (formerly Heritage-Crystal Clean) for $1.2 billion in cash in October 2023 [J.F. Lehman is Crystal Clear on Crystal Clean’s Future]. At the time of the acquisition, the valuation reflected 7.7x the company’s trailing twelve months adjusted EBITDA of $156 million.
“Each of the acquired businesses represents an excellent fit within our M&A strategy,” said Glenn Shor, the chairman of Crystal Clean and a partner at J.F. Lehman. “We anticipate continuing to be acquisitive as we execute our value creation plan.”
J.F. Lehman is a middle-market private equity firm primarily focused on the maritime, defense, and aerospace sectors. The firm typically invests between $50 million and $350 million in companies with EBITDA ranging from $10 million to $75 million.
In December 2024, J.F. Lehman closed its latest flagship fund, JFL Equity Investors VI LP, securing $2.2 billion in capital. The fund is the largest in the firm’s history and significantly exceeded its original target of $1.6 billion. Founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy, the firm is headquartered in New York City, with an additional office in Washington, DC.
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