The Environmental Quality Company, a portfolio company of Kinderhook Industries, said Tuesday that it has acquired Allstate Power Vac. No financial terms were disclosed. Comerica Bank provided financing for the transaction. Based in Rahway, NJ, Allstate is a provider of industrial and environmental services in the Northeast U.S.
July 30, 2013
New York, NY – The Environmental Quality Company (“EQ” or the “Company”), a portfolio company of Kinderhook Industries, LLC announced today the acquisition of Allstate Power Vac, Inc. (“Allstate”). Allstate represents the 14th environmental services transaction completed by Kinderhook in the last five years. Financial terms of the transaction were not disclosed.
Headquartered in Wayne, Michigan, EQ is a fully integrated environmental services and waste management organization. The Company owns ISO certified treatment, disposal and recycling facilities and also offers an extensive line of remediation, industrial cleaning and total waste management services throughout the United States.
Based in Rahway, New Jersey, Allstate is a leading industrial and environmental services provider in the Northeast United States. Allstate provides a comprehensive suite of industrial and environmental services including industrial cleaning services, tank & oil processing, sewer lining and maintenance services, and related industrial and hazardous waste services including transport, storage and emergency response.
“The acquisition of Allstate will further expand EQ’s market presence in the Northeast with the addition of seven strategically located facilities,” said Dave Lusk, CEO of EQ. “Allstate is recognized as a market leader with diverse service offerings and a versatile fixed asset base. Since its founding, Allstate has maintained a reputation for delivering extraordinary customer service with a focus on quality and safety. We look forward to partnering with Lou Galasso and the Allstate management team.”
Rob Michalik, a Managing Director of Kinderhook Industries, said, “Allstate’s longstanding customer relationships and exceptional management made this acquisition both strategic and very attractive for EQ. We are excited to partner with Allstate’s management team and focus on growing and expanding the combined businesses into new service areas including hydro-excavation and robotic tank cleaning.”
Financing for the transaction was provided by Comerica Bank. Kirkland & Ellis served as legal counsel to Kinderhook Industries.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $10-$75 million in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook Industries has a history of successfully building privately held firms in partnership with management. For more information please visit: www.kinderhook.com
About The Environmental Quality Company
The Environmental Quality Company is a fully integrated environmental services and waste management organization headquartered in Wayne, Michigan. EQ is the nationwide leader in hazardous waste water and hazardous solids treatment. All EQ locations are ISO and OHSAS certified. EQ also manages an extensive line of remediation, industrial cleaning and total waste management services throughout North America. EQ’s combination of fixed-based facilities and extensive service capabilities allows EQ to meet the environmental sustainability goals of our customers. For more information on EQ, visit: www.eqonline.com