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TorQuest Partners leads majority investment in Envirosystems

Canadian private equity firm TorQuest Partners has partnered with management and co-investors to acquire a majority stake in Envirosystems Inc. The deal’s financial terms were not disclosed. Based in Dartmouth, Nova Scotia, Envirosystems is a provider of industrial and environmental services with locations across North America. The seller in the deal was Thornridge Holdings Ltd, a private investment firm located in Bedford, Nova Scotia. Envirosystems said the partnership with TorQuest will bring capital and expertise to its continued organic and acquisition-based growth. The TorQuest investment is the fourth to date for TorQuest Partners Fund III, which closed at $535 million in 2013.

PRESS RELEASE

TorQuest Partners invests in Envirosystems Inc.

TORONTO and DARTMOUTH, NS, Feb. 26, 2015 – TorQuest Partners announced today that it has partnered with management and other co-investors to acquire a majority interest in Envirosystems Inc. from Thornridge Holdings Limited, a privately held investment firm.

Headquartered in Dartmouth, Nova Scotia, Envirosystems is one of the fastest growing industrial services organizations in North America with over 1,000 employees in more than 40 locations throughout Canada and the United States.

Eric Berke, Managing Partner at TorQuest said, “We are thrilled to partner with Mike Ryan, President and CEO of Envirosystems, and his highly experienced management team, and to support them in the next chapter of Envirosystems’ growth.”

Mike Ryan said, “We are excited to be moving forward with TorQuest, to augment the continued commitment Thornridge Holdings has provided to Envirosystems. Thornridge gave me and my team the opportunity to participate as equity partners and now TorQuest will bring financial resources and business expertise, and a commitment to supporting our continued profitable growth, both organically and through acquisitions. They share our vision of becoming the North American leader in safety, quality and performance by investing in our people and ensuring innovative customer service.”

David Hennigar, Chairman of Thornridge Holdings Limited, said “Our family has been invested in Envirosystems since it started almost 20 years ago. We share Mike’s enthusiasm about the tremendous benefits TorQuest adds to this already successful business, and we welcome a number of senior managers of the business as our shareholder partners.”

About Envirosystems Inc.
Envirosystems Inc. is a leading provider of industrial and environmental services, with a focus on technological innovation. Services include catalyst changeout, chemical cleaning, dredging, high pressure cleaning, hydro-excavation, mobile spent caustic treatment, waste disposal/treatment and vacuum services. For more information, please visit us at www.envirosystemsglobal.com.

About TorQuest Partners
Founded in 2002 TorQuest Partners is a leading Canadian-based manager of private equity funds. With more than C$1 billion of equity capital under management TorQuest seeks investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and timely use of financial expertise. For more information, please visit us at www.torquest.com.

About Thornridge Holdings Limited
Thornridge Holdings Limited is a privately held investment firm headquartered in Bedford, Nova Scotia.

For more information, contact:
Hugh Black, HMB Communications Group, 416-898-4871, hughblack@cogeco.ca

Photo courtesy of Envirosystems Inc