Harbert Private Equity Fund III said Monday that it has acquired a majority stake in Central Environmental Services. No financial terms were disclosed. Central is a provider of environmental services to oilfield exploration and production companies in the Marcellus and Utica shale regions in West Virginia, Ohio, and Pennsylvania.
BIRMINGHAM, AL–(Marketwired – March 10, 2014) – Harbert Private Equity Fund III, LP (“HPEF III”) announced today that it has acquired a majority interest in Central Environmental Services LLC, and certain of its affiliates (collectively “Central”).
Central provides environmental services to oilfield exploration and production companies in the Marcellus and Utica shale regions in West Virginia, Ohio, and Pennsylvania. The Company offers liquid waste management/transport and disposal, solid waste management/transport, equipment rental services, and other oilfield services such as tank cleaning, water blasting and inspection services. Central is headquartered in Washington, WV, has satellite offices in Wheeling, WV and Canton, OH, and also owns two brine disposal wells in Athens County, OH.
HPEF III has partnered with Central’s CEO and principal owner, Jeff Harper, to take advantage of the expected growth in natural gas production in the Marcellus and Utica regions over the next several years.
HPEF III’s Winston Gillum commented, “We are excited about our investment in Central and believe the Marcellus and Utica regions are poised for significant growth over the next five years. We believe Jeff Harper has built a company poised to grow alongside the region’s energy industry.”
Jeff Harper commented, “I am excited about my partnership with HPEF III. HPEF III will help provide Central with growth capital to take advantage of numerous opportunities we see in the region and help us develop business processes and controls to help us manage this growth.”
HPEF III is the most recent private equity fund sponsored by Harbert Management Corporation. With investment professionals in Atlanta, GA and Birmingham, AL, HPEF III seeks to invest in companies primarily located in the Southeast U.S. that have operating cash flow between $2.0 and $10.0 million.