Kinderhook Closes First Chemtron Add-On

Kinderhook Closes First Chemtron Add-On

Chemtron Corporation, a portfolio company of Kinderhook Industries, has acquired Vexor Technology, a provider of non-hazardous waste processing services and alternative energy products.

The buy of Vexor is the first add-on acquisition for Chemtron since being acquired by Kinderhook in August 2019 from CapitalWorks.

Vexor provides waste processing services including product destruction, recycling, and landfilling for non-hazardous liquids and solid waste. The company also manufactures Vexor Engineered Fuel, an alternative energy product made from non-hazardous industrial and commercial materials (that are typically disposed of in landfills) that is used as a coal or natural gas substitute. Vexor, led by its president and CEO Mario Romero, was founded in 1999 and operates a permitted waste processing facility near Akron in Medina, Ohio.

Mr. Romero joined Vexor in November 2017 and will join Chemtron as its chief operating officer. Brian Surane, the vice president of sales and marketing at Vexor, will join Chemtron as its vice president of sales.

“The team at Vexor is pleased to join the Chemtron group of companies,” said Mr. Romero. “Our combined customer base will benefit greatly from the expanded range of services and the ability to provide comprehensive waste treatment solutions. We are eager to participate in, and contribute to, Chemtron’s continued growth.”

Chemtron is a provider of hazardous and non-hazardous waste management services including blending, storage, recycling, and transportation. The company operates two RCRA (the Resource Conservation and Recovery Act) treatment, storage, and disposal facilities, two transfer facilities, a non-hazardous waste processing facility, and a railcar and intermodal container processing facility.

Additional field and technical services include compliance training, testing, emergency response, demolition, plant closure, industrial cleaning, and environmental consulting. Chemtron, led by CEO Rob Swords, was founded in 1964 and is headquartered near Cleveland in Avon, Ohio.

“We are excited to welcome the employees of Vexor onto the Chemtron team,” said Mr. Swords. “Chemtron provides a diverse range of end-to-end sustainability-focused waste disposal solutions to our customers. The combination with Vexor expands our presence further into the non-hazardous alternative energy solutions market and will make us a top choice for waste generators.”

“The acquisition of Vexor will enhance Chemtron’s service offering and diversify its disposal capabilities,” said Rob Michalik, a managing director of Kinderhook. “The combined platform will be a leader in the value-added waste processing market providing sustainable solutions to waste generators through engineered fuel and zero-landfill services.”

New York City-based Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small-capitalization companies lacking institutional support. Sectors of interest include healthcare services; environmental and business services; and automotive and light manufacturing.

Financing for the buy of Vexor, Kinderhook’s 46th environmental services transaction, was provided by Comerica Bank.

Private Equity Professional | June 11, 2020

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