JFLCO to acquire environmental services firm Crystal Clean

• According to terms of the agreement, JFLCO will acquire all the outstanding shares of Crystal Clean for $45.50 per share in cash
• The transaction is expected to close in the fourth quarter of 2023
• J.F. Lehman & Company targets the aerospace, defense, maritime and environmental sectors

J.F. Lehman & Company has agreed to acquire Hoffman Estates, Illinois-based Crystal Clean, an environmental services firm.

The deal puts Crystal Clean at a valuation of approximately $1.2 billion.

According to terms of the agreement, JFLCO will acquire all the outstanding shares of Crystal Clean for $45.50 per share in cash.

“At a time when businesses across industries are more environmentally conscious and highly focused on running cleaner, we are excited to partner with Crystal Clean – a clear category leader and unparalleled provider of environmental and waste disposal services,” said Glenn Shor, a partner at J.F. Lehman & Company in a statement. “This partnership underscores our confidence in Crystal Clean’s business, vision and reputation as a trusted provider for a diversified, blue-chip customer base. We look forward to working closely together to best position the Company for sustainable, long-term success.”

The transaction is expected to close in the fourth quarter of 2023.

William Blair & Company is serving as financial advisor to Crystal Clean on the deal. Houlihan Lokey, Inc. is serving as lead financial advisor to JFLCO, and Jefferies LLC is also serving as financial advisor to JFLCO. Shearman & Sterling LLP and Jones Day are serving as legal counsel to JFLCO.

JFLCO targets the aerospace, defense, maritime and environmental sectors. Based in New York City, the firm currently has approximately $4.5 billion of assets under management.