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Littlejohn & Co. Completes Sale of HydroChemPSC to Clean Harbors
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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.
clean harbors is the leading provider of environmental, energy and industrial services and largest hazardous waste disposal company in north america. the company serves a diverse customer base, including a majority of the fortune 500 companies, thousands of smaller private entities and numerous federal, state, provincial and local governmental agencies. the company provides a broad range of hazardous material management and disposal services including the collection, packaging, transportation, recycling, treatment and disposal of hazardous and non-hazardous waste. it also provides a wide variety of environmental cleanup services on customer sites or other locations on a scheduled or emergency response basis. the company provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking, material processing and industrial lodging services to refineries, chemical plants, pulp and paper mills, and other industrial facilities. it also p
