SAVANNAH & BOSTON--(BUSINESS WIRE)--EnviroVac Holdings, LLC (“EnviroVac,” or the “Company”), a leading provider of mission-critical cleaning and maintenance services, and Audax Private Equity (“Audax”), a leading private equity firm headquartered in Boston, today announced that Audax has acquired the ownership interest in EnviroVac held by RLJ Equity Partners, LLC (“RLJ”).
EnviroVac, headquartered in Savannah, GA, utilizes a state-of-the-art fleet of highly technical, innovative, and specialized equipment to perform a broad suite of complementary, high-value added services, ranging from routine cleaning to plant outages. The Company often serves as an in-house provider with embedded equipment and personnel on-site at customer facilities. Led by a veteran management team, EnviroVac is differentiated by its dedication to the highest safety standards, development of the industry’s most skilled workforce, and a commitment to utilizing automation, technology, and innovation to enhance the customer experience.
Kevin Jackson, CEO of EnviroVac, said, “Partnering with Audax provides access to a broad range of resources, enabling EnviroVac to reach new heights in the industrial cleaning industry, grow into new market segments and service lines, and complete additional strategic acquisitions”.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “EnviroVac is a leader in the industrial cleaning industry. We are excited to partner with Kevin Jackson and the rest of the EnviroVac team and support them in this next phase of growth.”
Jerry L. Johnson, Managing Director at RLJ Equity Partners, stated, “Since our investment three years ago, EnviroVac has thrived under the leadership of their President & CEO Kevin Jackson. EnviroVac achieved considerable growth as a result of its intentional focus on innovation, customer service, and the integration of a significant strategic acquisition, which enabled EnviroVac to serve the Southeast by providing comprehensive services, thereby boosting revenues. We are proud to have been an instrumental part of EnviroVac's success.”
Terms of the agreement were not disclosed.
Houlihan Lokey served as financial advisor to EnviroVac. DLA Piper LLP served as the Company’s legal counsel. Ropes & Gray LLP served as legal counsel to Audax.
About EnviroVac: Founded in 1998, and headquartered in Savannah, GA, with facilities in 10 states across the Southeast, Mid-Atlantic and Gulf Coast, EnviroVac is a leading provider of mission-critical cleaning and maintenance services to blue-chip customers. EnviroVac provides general industrial, chemical cleaning, environmental, digital inspections, fluid treatment and automated cleaning solutions to the power & utilities, pulp & paper, chemical, steel and manufacturing end industries. For more information, visit the EnviroVac website, www.cleancompany.com.
About RLJ Equity Partners: RLJ Equity Partners is a middle-market private equity firm focused on generating long-term capital appreciation by investing in profitable and growing businesses led by strong management teams. Founded in 2006 by Robert L. Johnson in partnership with The Carlyle Group, RLJ originates structures and invests in traditional buy-outs, recapitalizations, and growth capital infusions. RLJ Equity Partners is a portfolio company of The RLJ Companies. For additional information please visit: www.rljequitypartners.com.
About Audax Private Equity: Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4 billion in 106 platforms and 583 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has over $11.5 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website, www.audaxgroup.com.
RLJ Equity Partners:
Jerry L. Johnson, 240-744-7887 or Otey Smith, 240-744-7893
Geoffrey S. Rehnert, 617-859-1503