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Relativity Capital sells MHF to PE-backed EnergySolutions

EnergySolutions LLC, which is backed by Energy Capital Partners, has acquired MHF Services from Relativity Capital. No financial terms were disclosed. Based in Pittsburgh, MHF is a provider of specialized logistical solutions related to the movement of environmentally sensitive materials. Houlihan Lokey served as financial advisor to Relativity Capital and MHF on the transaction.


ARLINGTON, Va., April 13, 2015 /PRNewswire/ — Relativity Capital, a Washington, DC area private equity firm, announced today that it has completed the sale of MHF Services to EnergySolutions, LLC, a portfolio company of Energy Capital Partners. The transaction closed on March 27, 2015. Terms were not disclosed.

Headquartered in Pittsburgh, PA, MHF was founded in 1994 and is a leading provider of specialized logistical solutions related to the movement of environmentally sensitive materials. MHF has transported more than 20 million tons of hazardous, radioactive and non-hazardous material over the past two decades, and maintains one of the largest independent fleets of specialized rail equipment in the industry. Its customers operate within the chemical, environmental services, energy, mining, and nuclear power sectors.

Relativity acquired MHF Services in June 2009, when MHF was facing significant business and operational challenges, and potential closure. Since Relativity’s investment, MHF has not only remained operational, but has more than tripled its earnings, expanded to new high-growth markets, significantly increased its employee headcount, implemented improved health and safety work standards, and bolstered the firm’s customer and contract base.

At the time of the acquisition, Relativity brought in industry veteran Robert Shawver to assume leadership at MHF as President and CEO. Shawver, in partnership with Relativity, led the MHF management team in turning the company around in just six months. In 2014, Relativity also worked closely with MHF to structure and execute the acquisition of Bull Run Metal Fabricators and Engineers, Inc., an innovative provider of specialty metal packaging for generators and shippers of radioactive materials and waste. The acquisition served to enhance the size, scale and capabilities of MHF’s specialty packaging business unit, and empowered MHF to provide a full spectrum of hazardous waste packaging solutions to its customers.

Commenting on the sale, Leslie Armitage, Senior Managing Director of Relativity Capital, said, “The turnaround seen at MHF over the past six years since our investment has been dramatic. Relativity’s partnership with MHF, including CEO Robert Shawver and the firm’s outstanding management team, has been an incredibly positive experience and one that has served our investors very well. We wish MHF continued success in its new relationship with EnergySolutions.”

Relativity Capital and MHF were advised by Hogan Lovells US LLP and Houlihan Lokey, who served as the exclusive legal and financial advisor, respectively.

About Relativity
Relativity Capital, LLC provides private equity capital to companies throughout all stages of the business cycle. They target quality investments in both healthy and distressed middle-market companies, predominately located in North America.
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