J.F. Lehman & Company has recapitalized Northstar Group Holdings, a provider of environmental and technical solutions to the commercial and government end markets. No financial terms were disclosed for the transaction that was done in partnership with Medley Capital Corp. M&T Bank provided the debt financing for the deal while Houlihan Lokey served as financial adviser to NorthStar.
NEW YORK, June 13, 2017 /PRNewswire/ — J.F. Lehman & Company (“JFLCO”) is pleased to announce that an investment affiliate has recapitalized NorthStar Group Holdings, LLC and its wholly owned subsidiary, NorthStar Group Services, Inc. (collectively, “NorthStar” or the “Company”) in partnership with Medley Capital Corporation.
NorthStar is a leading provider of environmental and technical solutions to the commercial and government end markets. The Company is the market leader in its core decommissioning and remediation service line and leverages its national operating footprint and breadth of capabilities to provide time-critical response and restoration solutions. The Company has more than 4,500 employees with a national operating presence across the United States.
Scott State, Chief Executive Officer of NorthStar, stated, “JFLCO’s recapitalization of our Company will enable NorthStar to fully pursue business opportunities which the management team has laid the foundation for over the past several years. Northstar will have the resources, capital structure and operational resources to support our long term priorities and growth plans – enabling a superior offering that will be well received by our customers and employees alike.”
Alex Harman, Partner at JFLCO, stated, “NorthStar has a sterling reputation in its core markets, providing high quality environmental and technical services across a wide array of end-markets throughout the United States. They have coupled this leading market position with several near-term growth opportunities that we are excited to partner with the senior management team to pursue. We’re very pleased to have the Company and its outstanding leadership team join the JFLCO family.”
Glenn Shor, Managing Director at JFLCO, stated, “The Company’s dedicated safety culture, depth of service offering and focus on quality and customer service reflect core characteristics and company values we seek in our investment portfolio. We are eager to continue NorthStar’s history of excellence by leveraging their outstanding management team and unique capabilities to grow the business.”
Jones Day and Balch & Bingham provided legal counsel to J.F. Lehman & Company. Debt financing for the transaction was arranged by M&T Bank.
Houlihan Lokey acted as financial advisor and Faegre Baker Daniels as legal advisor to NorthStar.
About J.F. Lehman & Company, Inc.
J.F. Lehman & Company is a leading middle-market private equity firm focused primarily on the maritime, defense and aerospace sectors.
For more information about J.F. Lehman & Company, please visit www.jflpartners.com.