TorQuest Partners has acquired a majority interest in Envirosystems, an industrial services provider, in partnership with the company’s management and other co-investors. The company was acquired from Canadian private equity firm Thornridge Holdings.
Envirosystems is a provider of industrial and environmental services including catalyst changeout, chemical cleaning, dredging, high pressure cleaning, hydro-excavation, mobile spent caustic treatment, waste disposal/treatment and vacuum services. The company has more than 1,000 employees and 40 locations throughout Canada and the United States. Envirosystems is headquartered in Dartmouth, NS (www.envirosystemsglobal.com).
“We are thrilled to partner with Mike Ryan, President and CEO of Envirosystems, and his management team, and to support them in the next chapter of Envirosystems’ growth,” said Eric Berke, Managing Partner at TorQuest.
TorQuest makes equity investments of C$15 million to C$100 million in companies with enterprise values of C$40 million to C$250 million that are located in Canada and the US. The firm invests in a range of industries but has a particular interest in manufacturing, business services, financial services, food, consumer products and specialty chemicals. TorQuest was founded in 2002 and has over C$1 billion of equity capital under management. The firm is headquartered in Toronto (www.torquest.com).
“We are excited to be moving forward with TorQuest. The firm brings financial resources and business expertise as well as a commitment to supporting our growth both organically and through add-on acquisitions,” said Mr. Ryan.
Thornridge Holdings is a family office controlled by the Hennigar family of Nova Scotia — grandchildren of the late Hantsport, NS business legend Roy Jodrey — and led by Halifax investment banker David Hennigar. Thornridge has been an investor in Envirosystems since its founding in 1995. “Our family has been invested in Envirosystems since it started almost 20 years ago. We share Mike’s enthusiasm about the tremendous benefits TorQuest adds to this already successful business, and we welcome a number of senior managers of the business as our shareholder partners,” said Mr. Hennigar.
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-27-15