J.F. Lehman acquires environmental service provider Crystal Clean

On October 17, 2023, an investment affiliate of J.F. Lehman & Company announced the completion of its acquisition of Heritage-Crystal Clean, Inc., a leading provider of environmental and waste disposal services based in Hoffman Estates, Illinois, United States.

The acquisition, first announced on July 19, 2023, saw J.F. Lehman & Company acquire all outstanding shares of Crystal Clean stock at USD45.50 per share. As a result, Crystal Clean has ceased trading on the Nasdaq stock exchange.

Glenn Shor, a partner at J.F. Lehman & Company, expressed enthusiasm about the partnership with Crystal Clean. He commended the company for its reputation in delivering high-quality services and its financial and operational excellence. Brian Recatto, president and CEO of Crystal Clean, echoed similar sentiments, highlighting the company’s commitment to offering top-tier, environmentally sustainable solutions.

Crystal Clean specialises in parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling, and emergency and spill response services. In the fiscal year 2022, the company recycled significant volumes of used oil, spent antifreeze, and used solvent, contributing to environmental conservation.

J.F. Lehman & Company, with assets under management of approximately USD4.5 billion, is renowned for its investments in the aerospace, defense, maritime, and environmental sectors. The acquisition of Crystal Clean aligns with the firm’s strategic focus on companies with strong market positions and growth potential.

Debt financing for the transaction was facilitated by Jefferies Finance LLC, Sumitomo Mitsui Banking Corporation, and PSP Investments Credit USA LLC. William Blair & Company and Houlihan Lokey, Inc. acted as financial advisors to Crystal Clean and J.F. Lehman respectively.