Littlejohn & Co. Completes Sale of HydroChemPSC to Clean Harbors

Rhea-AI Summary

Littlejohn & Co. LLC has successfully sold HydroChemPSC to Clean Harbors, Inc. for $1.25 billion in cash. This acquisition strengthens Clean Harbors' position as a leader in industrial cleaning and maintenance services, with over 240 service locations across the U.S. Since 2014, Littlejohn has facilitated operational enhancements and growth through strategic investments, including four key acquisitions. The sale demonstrates Littlejohn's capability in building value within its portfolio companies, marking a significant milestone for both firms.

Positive

• Successful acquisition of HydroChemPSC enhances Clean Harbors' service offerings.
• Acquisition price of $1.25 billion reflects strong market position.

Negative

• None.

GREENWICH, Conn.--(BUSINESS WIRE)-- Littlejohn & Co. LLC, a private investment firm based in Greenwich, CT, today announced the successful completion of its sale of HydroChemPSC (“HPC” or the “Company”), a leading provider of industrial cleaning, specialty maintenance and utilities services with more than 240 service locations throughout the United States, to Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH) for $1.25 billion in cash.

Since Littlejohn’s initial investment in PSC in 2014, HPC has achieved significant operational improvements, expanded its specialty mechanical service offerings, invested in new technologies, designed a customer focused data analytics platform and merged with HydroChem in 2017 in addition to completing four acquisitions.

Michael Kaplan, a Managing Director at Littlejohn, said, “We are pleased to have supported HydroChemPSC’s evolution into an industry leader and reached a successful outcome for our investors. Littlejohn’s investment in HydroChemPSC demonstrates our expertise in unlocking value for our portfolio companies and building strong businesses by closely partnering with management teams and identifying numerous opportunities for growth.” Brian Michaud, a Littlejohn Managing Director, added, “We thank HPC’s exceptional management team for their dedication and we are confident the Company’s best days are ahead as part of Clean Harbors.”

Moelis & Company and Harris Williams served as financial advisors to HydroChemPSC and Troutman Pepper Hamilton Sanders served as its legal counsel.

About Littlejohn & Co., LLC

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies. With approximately $13.5 billion in regulatory assets under management, the firm seeks to build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit www.littlejohnllc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211008005363/en/

Media

Nathaniel Garnick/Grace Cartwright

Gasthalter & Co.

(212) 257-4170

Source: Littlejohn & Co. LLC

FAQ

What is the significance of the sale of HydroChemPSC to Clean Harbors (CLH)?

The sale marks a significant acquisition for Clean Harbors, enhancing its capabilities in industrial cleaning and maintenance, and indicates strong market positioning.

How much did Clean Harbors pay for HydroChemPSC?

Clean Harbors acquired HydroChemPSC for $1.25 billion in cash.

What improvements did HydroChemPSC achieve before the sale to CLH?

HydroChemPSC achieved significant operational improvements, expanded its service offerings, and invested in new technologies.

How many service locations does HydroChemPSC have?

HydroChemPSC operates over 240 service locations across the United States.