NEW YORK, Jan. 26, 2018 /PRNewswire/ -- J.F. Lehman &
Company ("JFLCO") is pleased to announce that an investment
affiliate has acquired Waste Control Specialists LLC ("WCS" or the
"Company") from Valhi, Inc. (NYSE: VHI). The acquisition
represents JFLCO's fourth platform investment in the environmental
and technical services sector.
WCS owns and operates a unique waste disposal, storage, and
treatment facility in Andrews County,
TX for highly specialized and regulated waste streams
including low-level radioactive waste, hazardous waste and mixed
hazardous and radioactive waste. WCS is the only site in
the United States licensed to
process and dispose of Class A, B, and C low-level nuclear
waste from government and commercial generators located in all 50
states. Customers include the Department of Energy, the
Environmental Protection Agency, and blue-chip utility and
healthcare enterprises.
The Company also has a strategic partnership with JFLCO
portfolio company NorthStar Group Holdings, Inc. ("NorthStar"), a
leading provider of specialized environmental and technical
services for commercial and government end markets, to support
domestic electric utilities in safely decommissioning nuclear power
generation sites.
Alex Harman, Partner at JFLCO,
stated, "WCS maintains an industry-leading reputation and provides
an essential solution for the safe disposal of specialized waste
streams. We are excited to support the long-term success of the
business through continued engagement and partnership with industry
stakeholders, including strengthening the partnership with
NorthStar to deliver a best-in-class nuclear power plant
decommissioning solution."
Scott State, Chief Executive
Officer of WCS and NorthStar, said "For more than two decades, WCS
has provided state-of-the-art disposal capabilities from a
rigorously-monitored, highly-engineered facility. Given the
substantial capital investment in the facility, the site maintains
significant capacity for growth, and we remain committed to serving
our customers as a trusted solutions provider."
Glenn Shor, Managing Director at
JFLCO, stated, "Through its unique technical competencies and
industry leadership, WCS exemplifies many of the values and
attributes JFLCO emphasizes in its investment strategy. Our
partnership with WCS will ensure the business has the resources
required to support its long-term growth strategy across the
government and commercial marketplace."
Evercore acted as financial advisor and Jones Day and Pillsbury
Winthrop Shaw Pittman acted as legal counsel to JFLCO.
Evercore also acted as placement agent for the debt financing for
the transaction which was provided by The Carlyle Group's Credit
Opportunities Fund.
About J.F. Lehman & Company, Inc.
J.F. Lehman & Company is a leading middle-market private
equity firm focused exclusively on the defense, aerospace and
maritime sectors. The firm has offices in New York and Washington, D.C.
For more information about J.F. Lehman & Company, please
visit www.jflpartners.com.
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SOURCE J.F. Lehman & Company