Wind Point Partners has acquired Middletown, Ohio-based Valicor, a provider of wastewater treatment services. No financial terms were disclosed. Antares Capital, Carlyle Private Credit and Northwestern Mutual Capital provided the financing for the deal.
Chicago, IL, June 6, 2017 – Wind Point Partners, a Chicago-based private equity firm, has partnered with waste management and environmental services executive James Devlin to acquire Valicor Environmental Services (“Valicor” or the “Company”). Based in Middletown, OH, Valicor is one of the largest providers of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment (“CWT”) facilities, the Company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor helps customers dispose of oily water, leachate, soaps, line flush waste, and similar waste streams, and it also provides a diverse set of landfill solidification and product destruction services.
Konrad Salaber, Managing Director with Wind Point, commented, “Processing approximately 200 million gallons of wastewater and 20 million gallons of used fuel oil each year, Valicor provides essential environmental services to more than 3,000 customers across the Midwest. These critical services not only allow customers to meet stringent federal, state, and local waste disposal regulations, but they also help clients reach important environmental goals, such as zero-landfill targets.”
Industry veteran and long-time private equity executive James Devlin will join Valicor as CEO. Devlin most recently served as CEO of ReCommunity, the largest independent recycling company in North America. ReCommunity, a private equity-backed business, operated 27 facilities in 14 states serving a range of municipal, residential and commercial customers. Prior to ReCommunity, Devlin was CEO of Thermo Fluids, the largest independent provider of oil collection and processing services in the Western U.S. Thermo Fluids, also private equity-backed, processed used motor oil and other liquid waste for more than 20,000 industrial customers. Prior to Thermo Fluids, Devlin held senior management roles with Waste Management, New Penn Motor Freight, and Browning Ferris Industries.
“I feel fortunate to have the opportunity to partner with Valicor’s Chief Operating Officer Dave Brown, Chief Commercial Officer Bill Hinton, and the entire organization as the Company enters its next phase of growth,” said Devlin. “We intend to build on Valicor’s excellent foundation by expanding services in our current facilities, launching new locations, and executing add-on acquisitions in a highly fragmented market.”
Valicor Environmental Services was a division of a Dexter, MI-based Valicor Inc. As part of the transaction, Wind Point acquired all of Valicor’s wastewater and oil processing assets as well as ownership of the Valicor brand. Valicor Inc. will continue to operate its remaining separation technologies business under a new name.
Valicor’s acquisition program focuses on acquiring operators of CWT facilities as well as other providers of waste management and environmental services, including materials recycling, used oil processing, product destruction, landfill solidification, and related services.
Joining Wind Point and Devlin on the Board of Directors are Greg Muldoon (Chairman), Robert Dixon, and Mark Saleski. Greg Muldoon is a Wind Point Executive Advisor Partner and most recently served as the CEO of AIR-serv, North America’s largest provider of tire inflation and vacuum stations. Robert Dixon is a former Senior Vice President and General Manager with Air Products and Chemicals Inc., where he managed a $4 billion P&L that included the Merchant Gases division. Mark Saleski was most recently the Vice President of Operations for Liquid Environmental Services, a leading operator of CWT facilities in the U.S.
Wind Point is an active investor in transportation, logistics, and route-based businesses with previous investments in St. George Logistics, Dicom Transportation Group, Railworks Corporation, and AIR-serv.
Financing for the transaction was provided by Antares Capital, Carlyle Private Credit, and Northwestern Mutual Capital. Kirkland & Ellis represented Wind Point as legal counsel and KPMG provided transaction advisory services on the transaction.
About Wind Point Partners
Wind Point Partners is a private equity investment firm that has raised over $3 billion in commitments since 1984. Wind Point focuses on partnering with top caliber management teams to acquire middle market businesses where it can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
Based in Middletown, OH, Valicor is one of the largest providers of non-hazardous wastewater treatment services in North America. With a large fleet of tankers and a network of strategically located processing facilities, Valicor transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. The Company’s mission-critical services allow customers to meet federal, state, and local regulations by safely and responsibly disposing of oily water, leachate, soaps, line flush waste, and similar waste streams. Valicor also provides a diverse set of landfill solidification and product destruction services. Additional information about Valicor is available at www.valicor.com.