in a large number of transactions
across a wide spectrum of industries
FORT LAUDERDALE, Fla. (June 18, 2014) – Fort Lauderdale-based investment banking firm Farlie Turner & Co. is pleased to announce the sale of Enviro Hydro Holdings, Inc. (“EnviroVac”), a portfolio company of Pine Tree Equity Partners, LLC (“Pine Tree”), a private equity firm based in Miami, Florida. In a transaction that closed on June 12, 2014, EnviroVac was sold to RLJ Equity Partners, LLC, a middle-market private equity firm and affiliate of The RLJ Companies. Farlie Turner served as the exclusive financial advisor to Pine Tree and EnviroVac. Terms of the transaction were not disclosed.
EnviroVac provides leading industrial cleaning and maintenance services with projects ranging from routine plant maintenance, utilizing high-pressure washing equipment and vacuum trucks, to planned facility outages. These services are recurring in nature due to ongoing efficiency, insurance and safety requirements at industrial facilities. The company serves blue-chip customers in the pulp and paper, chemical, steel, oil and gas, power generation and other industrial sectors. EnviroVac was established in 1999 and is based in Savannah, Georgia, with 10 locations in the Southeast, Mid-Atlantic and Gulf Coast regions.
“I’m looking forward to continuing my leadership role as the CEO of EnviroVac and partnering with RLJ to expand our customer footprint,” stated EnviroVac CEO, R. Kevin Jackson. “Farlie Turner served as an excellent advisor to the company and was invaluable in guiding the transaction to close,” added Mr. Jackson.
“EnviroVac marks another successful transaction for our firm’s Environmental Services practice,” stated Mike Turner, a Managing Director at Farlie Turner, who led the transaction. “Under Pine Tree’s ownership, EnviroVac achieved significant operating scale, a five-fold increase in cash flow and an unparalleled reputation for quality, safety and outstanding service. We’re excited for Kevin and his team as they transition to their next phase of growth.”
About Farlie Turner
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies. Please visit www.farlieturner.com for more information.