BOSTON, MA – December 20, 2017 – Audax Private Equity (“Audax”) announced that it has acquired Liquid Environmental Solutions (“LES” or “the Company”) from private owners. LES, headquartered in Irving, TX, is a leading provider of non-hazardous liquid waste management and disposal services. Terms of the transaction were not disclosed.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “LES is a leader in the non-hazardous grease trap, used cooking oil, and industrial liquid waste management industry. We look forward to working with Alan and the rest of LES’ management team to continue to grow the platform through organic growth and add-on acquisitions.”
Alan Viterbi, Chief Executive Officer of LES, said, “We are very excited about the partnership LES has formed with Audax. With greater resources committed to investing in LES’ continued growth, we look forward to the future at LES and what we can all do together as a team. We are excited to have Audax as our partner as we continue to grow and strengthen LES’ position as the premier provider of non-hazardous wastewater collection, processing, and disposal services in North America.”
Harris Williams & Co served as financial advisor to LES. Ropes & Gray LLP served as counsel to Audax.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4.5 billion in 111 platform and 635 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.
ABOUT LIQUID ENVIRONMENTAL SOLUTIONS
LES, one of the largest non-hazardous U.S. wastewater collection, processing, and disposal companies, is known for innovation and leadership in protecting customers from liability and ensuring regulatory compliance, while minimizing their environmental footprint. Focused on servicing customers’ non-hazardous liquid waste needs, LES collects, treats, and beneficially recovers materials from a wide variety of waste sources, including grease traps, oil water separators, grit traps, industrial and manufacturing processes, and used cooking oil for the restaurant, hospitality, automotive maintenance, manufacturing, power plant, petrochemical, and ship-building and repair industries, as well as environmental services companies. With over 650 team members, a state of the art fleet of more than 300 trucks, 54 collection branches and 23 wastewater treatment plants, LES is positioned to meet customers’ diverse liquid waste needs throughout the United States.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, 617-859-1503
Alan Viterbi, Chief Executive Officer, Liquid Environmental Solutions, 858-481-8106 x14