Nuprecon/CST, a West Coast demolition contractor owned by Evergreen Pacific Partners, has acquired Marcor Remediation Inc., a Maryland-based environmental remediation contracting company. No financial terms were disclosed, except that the combined entity will generate approximately $250 million in annual revenue.
PRESS RELEASE
The nation’s second largest full service demolition and remediation company Nuprecon/CST has acquired Maryland-based MARCOR Remediation, Inc., a leading environmental remediation contracting company. The transaction was facilitated through Nuprecon/CST’s majority owner, Seattle-based Evergreen Pacific Partners, which manages $700 million of equity and invests in private, traditional industry, middle-market companies in Western North America.
The combined entity will have in excess of 1,500 employees in more than a 20 offices and generate approximately $250 million in annual revenue. MARCOR’s significant presence and resources in the Northeast United States complement the strong West Coast and Southeast presence of Nuprecon/CST, giving the company a national footprint with a comprehensive offering of demolition, abatement and remediation services.
John Hennessy and Sage Khara, the founders of Nuprecon and CST respectively, which merged in early 2008, continue in their executive roles at Nuprecon/CST. MARCOR equity holders Dave Jungers, Chief Operating Officer, and Tim Miller Executive Vice President, will retain their leadership roles at MARCOR and continue to hold significant equity positions in the combined entity. MARCOR will continue to operate under its brand name.
Nuprecon/CST is the second largest full service demolition contractor in the United States. In addition to demolition services, the company offers a complete range of turnkey remediation and recovery services, including: concrete sawing, drilling, abatement services, C&D material recycling services and site preparation.
“There’s no doubt that this is the classic example of the whole being greater than the sum of its parts,” said John Hennessy, Nuprecon President. “Their service offerings and geographic locations are a perfect complement to ours.”
“MARCOR immediately gives us the ability to offer our customers more services in more locations,” said Sage Khara, president of CST Environmental. “MARCOR is extremely well respected in the industry for having a top caliber management team and the highest quality of service.”
“With the access to capital provided by Evergreen Pacific Partners alongside the complementary service offerings and geographic locations, we’re poised for tremendous growth,” said Dave Jungers. “But the fit goes beyond that to include our shared cultures of safety, service and results for our customers.”
Evergreen Pacific Partners invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional industry, middle-market companies in the Western U.S. and Canada. To date, the firm has completed seven transactions involving companies in Washington, Arizona, California and Maryland in the manufacturing, distribution, construction, radio, cable television and consumer industries. Earlier this year the company closed a $425 million fund, its second.
About MARCOR
MARCOR Remediation, Inc. provides abatement and remediation contracting services for industrial, commercial, local, state, and federal agencies nationwide. Founded more than 25 years ago, the company combines strategic management capabilities with valuable, hands-on skills. MARCOR has safely and efficiently managed a broad range of environmental projects – from emergency response situations to long-range, planned remediation projects – from the very small job to complex, multi-million-dollar cleanups.
About Nuprecon/CST
Nuprecon/CST is the second largest full service demolition contractor in the United States. In addition to demolition services, the company offers a complete range of turnkey remediation and recovery services, including: concrete sawing, drilling, abatement services, C&D material recycling services and site preparation. The company has headquarter offices in Washington and California and regional offices in Hawaii, Oregon, Florida, Louisiana, North Carolina and Texas, employing more than 1,500 highly-trained professionals.
About Evergreen Pacific Partners
Based in Seattle, Wash., Evergreen Pacific Partners (www.eppcapital.com) currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific’s acquisitions and investments include Western Broadband (Phoenix, Ariz.), Finest City Broadcasting (San Diego, Calif.), Gene Juarez Salons & Spas (Seattle, Wash.), Haney Truck Line (Yakima, Wash.), Nuprecon (Snoqualmie, Wash.), CST Environmental (Brea, Calif.) and MARCOR Remediation, Inc. (Hunt Valley, Md.).
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