Project Tiger Customer Letter
Dear Valued Customer,
Im reaching out to share some exciting news about Heritage-Crystal Clean. We recently announced that Crystal Clean has agreed to be acquired by an
investment affiliate of J.F. Lehman & Company (JFLCO), a leading private equity investment firm focused on the aerospace, defense, maritime and environmental sectors. JFLCO has a strong track record of successfully investing in the
environmental sector, with over 30 acquisitions completed since 2012 including companies such as Waste Control Specialists, NRC, Entact, NorthStar, Lone Star Disposal, Sprint Energy Services and more. You can find more details about the transaction
in the press release we issued, available on our website at www.crystal-clean.com/investor-relations and about JFLCO at www.jflpartners.com.
This is an
important milestone for our business and one we think will best position us to continue serving you for years to come.
Strengthening Our
Ability to Deliver for Customers
For over 20 years, we have been providing our customers with premier environmentally-sustainable solutions that have
a tangible impact. This is and will always be core to how we run our business.
Simply put, we do not expect that this will have any impact on how we
serve you. In fact, we believe that in this next chapter we will have an enhanced ability to deliver for you and advance our commitment to helping the business world run cleaner.
Following the completion of the transaction, Crystal Clean will become a privately held company with added flexibility and a deeply knowledgeable partner in
JFLCO. Importantly, while Crystal Cleans ownership structure will be changing, I want to emphasize that our vision, mission and values wont. We are operating as usual, and our entire team remains focused on serving you and working
towards protecting the environment and creating a brighter future.
We are committed to keeping you informed as there are updates we can share. In the
meantime, if you have any questions, please do not hesitate to reach out to your usual contact.
Finally, thank you for your continued support. We look
forward to continuing to be a trusted provider to you, and we hope you share our excitement about the future of Crystal Clean.
Sincerely,
Brian Recatto
President & CEO
Participants in the Solicitation
Crystal Clean and JFLCO
and their respective directors, executive officers and other members of management and employees, under Securities and Exchange Commission (SEC) rules, may be deemed to be participants in the solicitation of proxies from
stockholders of Crystal Clean in favor of the proposed transaction. Information about Crystal Cleans directors and executive officers is set forth in Crystal Cleans Proxy Statement on Schedule 14A for its 2023 Annual Meeting of
Shareholders, which was filed with the SEC on May, 1, 2023. To the extent holdings of Crystal Cleans