environmental services

J.F. Lehman & Company has acquired a majority stake in Sprint Energy Services, a provider of environmental services to the upstream energy industry.

Sprint’s products and services include temporary tanks and pumps, containment berms, remediation and clean-up, hygiene and cooling, volatile organic compound elimination, wellsite trash removal, and equipment cleaning.  Customers include oil & gas exploration and production companies, midstream pipelines, and other oilfield service companies.  Sprint has approximately 200 employees and is headquartered in Houston (www.sprintenergyservices.com).

“Sprint has built a highly respected brand name and outstanding reputation by providing specialized, responsive and high quality environmental services,” said Glenn Shor, Principal at J.F. Lehman.  “We are eager to continue Sprint’s history of excellence by leveraging their excellent management team and leading capabilities to grow the company.”

Sprint is the second environmental services company acquired by J.F. Lehman.  In March 2012, the firm acquired National Response Corporation, a Great River, NY-based provider of environmental and maritime services to the transportation, energy and industrial markets. Currently, National Response has about 540 employees.

J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with additional offices in Washington, DC and London (www.jflpartners.com).

“I am pleased to announce our partnership with J.F. Lehman. The combination of their sponsorship and experience with Sprint’s comprehensive service offering and outstanding employees strengthens the company’s position to address substantial opportunity in our core end-markets,” said Chris Swinbank, Chief Executive Officer of Sprint.

Debt financing for the transaction was arranged by IBERIABANK. IBERIABANK was founded in 1887 and is headquartered in Lafayette, LA and has 280 offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida (www.iberiabank.com).

2015 PEPD • Private Equity’s Leading News Magazine • 5-15-15

Trinity Hunt Partners has acquired Miller Environmental Services, a provider of industrial cleaning and environmental services. Trinity Hunt partnered with Founder and Chief Executive Officer Charles Miller and his management team on this transaction.

“We are excited to partner with Charles Miller and the exceptional management team at Miller Environmental,” said Dan Dross, Managing Partner of Trinity Hunt. “With a strong culture of safety, proprietary technology-enhanced equipment, and experienced operations personnel, Miller is a premier provider of industrial cleaning and environmental services in the Gulf Coast marketplace.”

Miller Environmental Services provides industrial cleaning and environmental services to companies operating in the downstream, midstream, and upstream hydrocarbon processing markets. Services include tank cleaning, chemical cleaning, vacuum truck services, vapor control, hydroblasting, waste management and hydro-excavation.  The company has 400 employees and five operations centers located in Texas (Corpus Christi, Houston, Beaumont, Catarina, and Three Rivers) and a sixth operations center in Sulphur, LA. Miller Environmental Services was founded in 1985 and is headquartered in Corpus Christi (www.millerenviro.com).

“Our partnership with Miller presents a tremendous opportunity for Trinity Hunt and our investors to capitalize on a strong company that plays a critical role in an industry and region forecasted for significant growth,” added Mr. Dross. “With the expected expansion of downstream capacity, Miller is poised to become the leading industrial cleaning and environmental services company in the Gulf Coast region.”

Trinity Hunt invests in companies that have EBITDAs between $3 million and $15 million and have enterprise values between $10 million and $150 million. The firm considers investment opportunities across a range of industries but has a specific interest in industrial products and services, business services and healthcare services. Trinity Hunt is based in Dallas (www.trinityhunt.com).

“The Trinity Hunt team will serve as a valued partner in our continued growth,” said Charles Miller, who will remain Chief Executive Officer and a shareholder. “Their proven approach to growing businesses and significant resources will enable us to expand Miller’s reach and market share along the Gulf Coast.”

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

RLJ Equity Partners has acquired EnviroVac Holdings, a provider of industrial cleaning, environmental services, and on-site maintenance support.

“EnviroVac is a trusted brand in the industrial services industry,” said Jerry Johnson, Managing Director of RLJ Equity Partners. “The company has a safety-first approach in providing the most innovative environmentally safe technology and quality operations to its clients and customers.  We are excited about the opportunities underway at EnviroVac under R. Kevin Jackson’s leadership, and we look forward to assisting the company as it continues to offer a premium standard of service.”

EnviroVac utilizes state-of-the-art equipment to provide industrial vacuuming, hydroblasting, watercutting and inspection services for customers who participate in the pulp and paper, chemical, steel, oil and gas, power generation and other industrial business sectors.  EnviroVac has a staff of more than 300 employees and 10 facility locations to serve customers throughout Alabama, Georgia, Mississippi, North Carolina and South Carolina, among other states. The company was founded in 1999 and headquartered in Savannah, GA (www.envirovac.us).

“We are delighted to join forces with RLJ Equity Partners, and I will be continuing my role as CEO as well,” said R. Kevin Jackson, EnviroVac founder, president and CEO. “Partnering with the RLJ brand will help EnviroVac continue to provide the safest and most professional services to our customers with optimal efficiency and support as we expand our services across the country, particularly throughout the Southeast and Gulf Coast regions.”

RLJ Equity Partners, LLC was joined in the transaction by Madison Capital Funding, New Canaan Funding and RLJ Credit, an affiliate of The RLJ Companies. EnviroVac was advised in the transaction by Farlie Turner & Co.

RLJ Equity Partners invests from $15 million to $30 million in companies valued between $50 million and $250 million. Target companies will have operating profits greater than $7 million and operating margins greater than 10%.  Sectors of interest include aerospace & defense; auto & transportation; business services; consumer retail; general industrial; and media & telecom.  RLJ Equity Partners was founded in 2006 by Robert L. Johnson in partnership with The Carlyle Group. The firm is headquartered in Bethesda, MD (www.rljequitypartners.com).

2014 PEPD • Private Equity’s Leading News Magazine • 6-13-14

Aperion Management has acquired Tri Con Works, an environmental services provider specializing in landfill gas monitoring, collection and recovery.

The Tri Con Works management team, including Gary Smith, Bryan Robbins and Jay Maza, are investors in the transaction and will continue to manage the day-to-day operations of the company in partnership with Aperion.

“Tri Con will be Aperion’s second investment in the environmental services industry, and we are excited to partner with Tri Con’s outstanding management team”, said David Brady, Managing Director of Aperion Management. “The company has historically succeeded in growing its business while maintaining its best in class service and excellent safety record. Tri Con is well positioned for future growth opportunities, and we look forward to building this business while sustaining its high level of service.”

Tri Con Works is an environmental services provider specializing in the construction and maintenance of landfill gas monitoring, collection and recovery systems, as well as leachate systems.  Landfill gas is a by-product of the disposal of municipal solid waste in landfills and can lead to the release of greenhouse gases into the atmosphere. The monitoring, collection and recovery of landfill gas is a vital part of waste management from an environmental and safety perspective, and the related conversion of landfill gas into energy is a significant contributor of renewable fuel.

In the last five years, Tri Con has drilled over 150,000 feet and installed 2,500 landfill gas wells. In addition to landfill gas systems, Tri Con has installed over 100 leachate collection and storage systems, including turnkey installations of risers, pipeline systems, pumps and essential electrical lines.  Tri Con was previously owned by its management team in partnership with Ex-Blue, LP, an investment firm founded by former executives of Browning-Ferris Industries.  Tri Con Works was founded in 1998 and is headquartered in Houston (www.triconworks.com).

Graycliff Partners made a mezzanine investment in Tri Con Works to support the acquisition.  This investment is the fourth investment made by Graycliff Mezzanine II LP, a fund recently closed with over $250 million in commitments. Comerica Bank provided senior financing for the transaction.

“We are pleased to invest in Tri Con and support the buyout of the company by Aperion,” said Duke Punhong, a Principal of Graycliff Partners. “Tri Con is an exceptional company with strong leadership and a long history of growth. Together with Aperion’s significant expertise of investing in the waste industry, we see tremendous potential for expansion and growth. We look forward to leveraging our flexible approach and deep investment experience to partner with management and Aperion to see Tri Con through the next stage of growth.”

Graycliff Partners invests from $5 million to $25 million of equity and mezzanine capital in companies with revenues of at least $10 million and EBITDA margins of 10% or higher. Sectors of interest include manufacturing, services and distribution. Both control and minority investments are considered. The firm was formed in December 2011 by the former investment team of HSBC Capital.  Graycliff Partners is headquartered in New York with an additional office in São Paulo (www.graycliffpartners.com).

Aperion Management invests in small to mid-size businesses valued between $15 million and $150 million.  Operating independently since 2006, the principals of Aperion Management and its affiliates have been the lead investor on seven transactions representing approximately $160 million in enterprise value and $250 million in revenue.  Current platform investments include RoadSafe Traffic Systems, a provider of traffic safety equipment and services based in Chicago (www.roadsafetraffic.com); and Stella Environmental Services, a municipal solid waste transfer station management and transportation business based in Houston (www.stellaenv.com). Aperion Management is based in New York.

© 2014 PEPD • Private Equity’s Leading News Magazine • 4-4-14