Solace exits Patriot Environmental Services for $156m

The buyer was Heritage-Crystal Clean Inc.

  • Solace first invested in Patriot in 2015
  • Patriot is headquartered in Wilmington, California
  • Solace backs middle-market companies

Solace Capital Partners has sold Patriot Environmental Services Inc, a provider of environmental services and emergency oil spill response, for $156 million. The buyer was Heritage-Crystal Clean Inc.

“This transaction represents a successful outcome for Solace’s investors and reflects our collaborative approach, ability to identify and execute complementary M&A, and provide operational support to our portfolio companies. Under Solace’s ownership, Patriot’s talented management team delivered on a strategic plan to meaningfully expand its footprint and solidify its position as the leading environmental services provider on the West Coast,” said Christopher Brothers, co-founder and managing partner Solace, in a statement. “Moreover, we thank Channel Investment Advisors and Angeleno Group for their partnership on this investment.”

Patriot is headquartered in Wilmington, California.

Since Solace’s initial investment in 2015, Patriot experienced significant growth and its revenue and EBITDA nearly tripled. In this time, the Company opened eight environmental services offices across California, Nevada, Oregon, Washington, and Arizona, expanded vertically into waste disposal through the acquisition and greenfielding of four disposal facilities, and recruited seasoned leaders, including 30-year industry veteran, Kent Bartley, as CEO.

Solace Capital Partners is a Los Angeles-based private investment firm focused on providing flexible capital solutions for middle market companies in the United States and Canada.