Audax Private Equity Announces the Acquisition of EnviroVac from RLJ Equity Partners

Audax Private Equity, along with CEO and Founder of EnviroVac Kevin
Jackson, and the EnviroVac Management team have acquired EnviroVac,
a leading provider of mission-critical cleaning and maintenance services
to the power & utilities, pulp & paper, chemical, steel, and
manufacturing industries. The seller is RLJ Equity Partners, LLC.
No financial terms were disclosed. Houlihan Lokey provided
financial advice to EnviroVac on the transaction.

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.

Contacts

RLJ Equity Partners
Jerry L. Johnson, 240-744-7887
Managing
Director
or
Otey Smith, 240-744-7893
Principal
or
Audax
Group
Geoffrey S. Rehnert, 617-859-1503
Co-Chief Executive
Officer