Amlon Adds-On Again with Lion Buy

The Amlon Group, a portfolio company of Heartwood Partners, has acquired Lion Industrial Resources, a provider of industrial waste management services.

Lion’s services include waste management, tank rental, bulk liquid and solid waste transportation, consulting, oil and metal recycling, cleaning services, and waste profiling and sampling. The company was founded in 2007 and is headquartered near Houston in Channelview, Texas.

The Amlon Group specializes in waste-to-value processing, focusing on recycling industrial byproducts rather than disposing of them in landfills. Specifically, Amlon processes metal-bearing waste streams from industries such as oil refining and semiconductor manufacturing, recovering valuable metals like copper, nickel, and cobalt, which are then sold back into the supply chain. The company, led by CEO Mark Wayne, is headquartered near Dallas in Plano, Texas.

“The Lion acquisition is an excellent strategic fit for Amlon,” said Mr. Wayne. “Lion brings a highly experienced team with deep customer relationships across different end markets where Amlon is already well-positioned. Their service capabilities in waste sampling and analysis, DOT-compliant packaging and containerization, and transportation logistics complement our existing processing and treatment infrastructure. By combining Lion’s front-end waste management expertise with Amlon’s processing capabilities, we can offer customers a truly integrated, end-to-end environmental solution.”

The acquisition of Texas-based Lion is the second add-on acquisition for Amlon since the close of a $245 million continuation fund, led by Apogem Capital in December 2025. The fund’s first acquisition was Mastermelt America, a Tennessee-based facility that processes and treats industrial waste streams from the chemical, pharmaceutical, electronics, aerospace, and power generation industries.Since Heartwood’s initial investment in Amlon in 2021 through its third fund, and prior to the close of the continuation fund, Amlon completed four add-on acquisitions: Thermaldyne (September 2022); Paragon Southwest (June 2023); Music City Group (June 2023); and EcoWater (January 2024).

“Beyond the operational synergies, this acquisition meaningfully expands our customer base. Lion’s established relationships with specialty chemical producers and industrial manufacturers give us an immediate platform for cross-selling Amlon’s full suite of processing, treatment, and disposal services,” added Mr. Wayne. “By bringing Lion’s waste streams in-house through Amlon’s own processing facilities, we can deliver faster turnaround times, tighter quality control, and a more seamless experience for customers who want a single point of accountability for their waste management needs.”

“We are excited to support Mark and the entire Amlon team as they continue to build a differentiated environmental solutions platform,” said Demetrios Dounis, a managing partner at Heartwood. “The Lion acquisition underscores Amlon’s ability to identify and execute on compelling add-on opportunities that expand the company’s customer reach and service capabilities. This transaction is consistent with our thesis that industrial customers increasingly demand comprehensive, single-source environmental solutions. Amlon continues to position itself as the partner of choice for companies that take their environmental compliance and sustainability commitments seriously.”

Heartwood Partners invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of interest include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded as Heartwood Partners in September 2020.

Gilbert & Pardue Business Advisors was the financial advisor to Lion Industrial Resources on this transaction.