SAN
FRANCISCO, Feb. 6, 2024 /PRNewswire/ -- Gryphon
Investors ("Gryphon"), a leading middle-market private equity firm,
announced today that it has signed an agreement to
sell HEPACO, LLC ("HEPACO" or "the Company") to Clean Harbors
Inc. ("Clean Harbors") (NYSE: CLH), a leading provider of
environmental and industrial services, in a transaction valued at
$400 million. The transaction is
subject to customary closing conditions.
Gryphon initially invested in the Company in August 2016 and completed seven add-on
acquisitions during its ownership. Headquartered in Charlotte, NC, HEPACO is a trusted provider of
emergency response and scheduled environmental services. HEPACO's
offerings include critical emergency response, field and industrial
services, and environmental remediation. The Company's clients stem
from a variety of industries, including transportation, utilities,
and energy. HEPACO operates out of 40+ service centers throughout
the Eastern United States, with
approximately 1,000 employees.
Alex Earls, Partner and Head of
Gryphon's Business Services Group, said, "We have greatly enjoyed
partnering with HEPACO management to build a premier company in the
environmental and emergency services industry while more than
tripling revenue and EBITDA. We are confident that Clean Harbors
will be an excellent home for HEPACO, and we believe that Clean
Harbors will accelerate HEPACO's ongoing growth initiatives."
HEPACO CEO Robb Schreck
commented, "Gryphon's value-added support throughout our
partnership helped us drive above-market growth and significantly
expand our service offerings. HEPACO management looks forward to
working with Clean Harbors to continue driving growth and executing
on our mission-critical environmental service work."
Phil Petrocelli, Gryphon Business
Services Operating Partner, added, "Through organic operational
initiatives and several highly strategic add-ons, HEPACO has
significantly expanded its geographical reach, increased service
area density, and diversified its offerings, emerging as a leading
environmental service provider in the Eastern United States. We are proud of our
accomplishments throughout our partnership with the HEPACO team and
wish them much continued success."
Piper Sandler Companies and Houlihan
Lokey, Inc. served as financial advisors to HEPACO, while
Kirkland & Ellis LLP and Moore & Van Allen PLLC acted as
legal advisors to the Company.
About HEPACO
HEPACO (www.hepaco.com) is a leading
environmental and emergency services company in the Eastern United States with coverage across 40+
regional locations. The Company specializes in emergency response,
remediation, and industrial and marine. HEPACO services a multitude
of industries including transportation, utilities, energy,
environmental consultants, industrial facilities, terminals,
environmental service companies, general contractors, property
owners, and the public sector.
About Gryphon Investors
Gryphon Investors
(www.gryphoninvestors.com) is a leading middle-market private
equity firm focused on profitably-growing and
competitively-advantaged companies in the Business Services,
Consumer, Healthcare, Industrial Growth, and Software sectors. With
approximately $9 billion of assets
under management, Gryphon prioritizes investments in which it can
form strong partnerships with founders, owners, and executives to
accelerate the building of leading companies and generate enduring
value through its integrated deal and operations business model.
Gryphon's highly-differentiated model integrates its well-proven
Operations Resources Group, which is led by full-time, Gryphon
senior operating executives with general management, human capital
acquisition and development, treasury, finance, and accounting
expertises. Gryphon's three core investment strategies include its
Flagship, Heritage, and Junior Capital strategies, each with
dedicated funds of capital. The Flagship and Heritage strategies
target equity investments of $50
million to $350 million per
portfolio company. The Junior Capital strategy targets investments
in junior securities of credit facilities, arranged by leading
middle-market lenders, in both Gryphon-controlled companies, as
well as in other private equity-backed companies operating in
Gryphon's targeted investment sectors.
Contact:
Lambert
Caroline Luz
203-570-6462
cluz@lambert.com
or
Jennifer Hurson
845-507-0571
jhurson@lambert.com
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SOURCE Gryphon Investors