Succession Capital Partners has sold PetroChem Recovery Services Inc to Hepaco LLC, which is backed by Gryphon Investors. No financial terms were disclosed. Katten Muchin Rosenman LLP provided legal advice to Hepaco while Queen Saenz + Schutz PLLC represented PetroChem. Based in Norfolk, Virginia, PetroChem is an environmental services provider for transportation, industrial, and government clients.
Charlotte, NC January 18, 2019 – HEPACO, LLC (“HEPACO”), a leading provider of environmental and emergency response services, announced today that it has acquired PetroChem Recovery Services, Inc. (“PetroChem” or “the Company”) from Succession Capital Partners. Headquartered in Norfolk, VA, PetroChem is a leading environmental services provider for transportation, industrial, and government clients. Terms of the deal were not disclosed. HEPACO is majority-owned by San Francisco-based Gryphon Investors, a leading middle market private equity firm.
This transaction represents the fourth acquisition completed under Gryphon’s ownership.
HEPACO Chief Executive Officer Ken Smith said, “We are thrilled to announce the acquisition of PetroChem and welcome their team to HEPACO.” Mr. Smith added, “We look forward to working with the PetroChem team to enhance our emergency response and environmental service offerings and better serve our customers.” HEPACO Chairman and Gryphon Operating Partner Phil Petrocelli said, “We are excited to continue our successful acquisition strategy with the PetroChem transaction. We anticipate continuing HEPACO’s expansion through new geographies and greater coverage density in attractive markets.”
Succession Capital Partners Managing Partner Matt Malone stated, “We have very much enjoyed working with the talented team at PetroChem and are delighted to announce the Company’s sale to HEPACO, which we believe is the ideal partner to facilitate PetroChem’s next phase of growth for both its customers and employees.”
Katten Muchin Rosenman LLP acted as legal advisor to HEPACO, while Queen Saenz + Schutz PLLC represented PetroChem.
HEPACO (www.hepaco.com) is a leading provider of emergency response, environmental remediation, maritime services, wastewater treatment, and other industrial services across a diversified group of end markets including rail, oil & gas, transportation, power & utility, and manufacturing. The company has a broad geographic footprint more than 40 locations in the Mid-Atlantic, Midwest, Northeast, and Southeast United States and offers a three-hour or less response time within its footprint and on a national basis through its managed network of third-party emergency response vendors. HEPACO provides services on both an emergency response and planned basis.
About PetroChem Recovery Services
Based in Norfolk, VA, PetroChem (www.petrochemrecovery.com) serves as a full service environmental consulting and remediation company in the Mid-Atlantic region to large industrial, government agencies, small business and residential clients. PetroChem provides emergency response to spill incidents in addition to hazardous material stabilization and packaging, facility decontamination, and hazardous waste transportation and disposal.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management teams. The firm has managed more than $4.5 billion of equity investments and capital since its founding in 1997. Gryphon targets making equity investments of $50 million to $200 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.