PennSpring Capital has made an investment in New Jersey-based Environmental Remediation and Financials Services, a provider of subsurface soil and groundwater remediation technologies. No financial terms were disclosed.
LANCASTER, Pa., Aug. 24, 2021 /PRNewswire/ — PennSpring Capital, a direct investment firm focused on lower middle market opportunities in the Mid-Atlantic region, announced today that it has made an initial investment in Environmental Remediation and Financials Services (ERFS). Based in New Jersey, ERFS is an industry leader in the development of in-situ (subsurface) soil and groundwater remediation technologies, and is recognized for industry-first innovations and financial strategies. PennSpring’s initial investment facilitates the expansion of ERFS’ post-pandemic operations, and the initiation of major projects across the United States. ERFS intends to offer a new generation of remediation services to more than 30 industries as part of this rolling expansion.
This is PennSpring’s second significant investment in Environmental Services, following the January 2021 acquisition of Pennsylvania-based EHC Associates.
“We believe the demand for soil and groundwater cleanups is likely to surge in 2022 and beyond, with redevelopment projects resumed and Federally-funded infrastructure overhauls underway,” said PennSpring Managing Partner Lou Castelli. “We invest in outstanding management, and we have utmost confidence in CEO Mark Vigneri and his seasoned team to execute against this demand. We are excited to support EFRS in all business aspects, and to further advance our Environmental Services investment thesis.”
About Environmental Remediation and Financial Services (ERFS)
From the Jersey Shore all the way to Japan, ERFS continues to complete the most difficult of projects in its third decade of service. The company is an industry leader in the development of in-situ (subsurface) soil and groundwater remediation technologies, and is recognized for industry-first innovations and financial strategies. Since pioneering the first Pay-for-Performance (PfP) contracting programs for remediation in 1998, ERFS has successfully completed hundreds of remediation projects across America and Japan for government agencies, public corporations and heavy industry. Learn more at www.erfs.com.
About The PennSpring Group
Founded in 2018 by proven entrepreneurs and self-capitalized from the proceeds of multiple outlier exits, PennSpring has evolved from Lancaster family office to among the most active private equity firms in the country – with 10 acquisitions and 4 exits completed to date. From there, the natural progression for our unique combination of transaction expertise, financial acumen and sales and marketing heft has been to expand our focus to the other side of the table – where our success as operators, intermediaries and sellers gave rise to this platform. Welcome to the PennSpring Group, now the region’s preeminent source for both direct investment and sell-side services. Learn more at www.pennspring.com.