Boxwood Partners Advises Virginia American Industries on Its Acquisition by Shamrock Environmental
Boxwood completes eighth transaction of 2020 with sale of diversified environmental services company
Jupiter, FL (December 15, 2020) – Boxwood Partners is pleased to announce the sale of Virginia American Industries (“VAI” or the “Company”) to Shamrock Environmental Corporation (“Shamrock”), a portfolio company of CenterOak Partners, a private equity firm headquartered in Dallas, TX.
Boxwood Partners, a leading boutique middle-market investment bank based in Jupiter, FL, acted as the exclusive sell-side advisor to VAI on the transaction. The transaction was led by J. Patrick Galleher (Managing Partner), Brian Alas (Managing Director) and Robbie Nickle (Vice President). The terms of the deal were not disclosed.
VAI was established in 1998 and is the parent company for four primary operating entities, including Florida-based Aqua Clean Environmental Company Inc. (“ACE”) and Florida Recycling Solutions, LLC as well as Virginia-based Reco Biotechnology and Reco Biodiesel. The Company’s revenues are primarily generated by non-hazardous wastewater treatment services.
With operations in Lakeland, FL and Tampa, FL, Aqua Clean Environmental Company Inc. provides industrial wastewater treatment, hauling and disposal services along with vacuum and tanker truck services. It works with both private and municipal customers throughout Florida and across a variety of industries, including chemical, paper, power, petroleum, waste management and food processing.
Similar to Aqua Clean Environmental, Richmond, VA-based Reco Biotechnology offers a variety of non-hazardous liquid treatment and disposal services. The company also offers bioremediation of non-hazardous contaminated soil, physical, chemical and biological liquids treatment, fuel recycling, processing and disposal for a variety of industrial and environmental clean-up residuals. Reco Biodiesel also operates out of the Richmond facility and is one of Virginia’s largest manufacturers of biodiesel fuel using feedstocks such as vegetable oils and recycled restaurant grease.
“We are very excited that VAI has found a good home with Shamrock Environmental and look forward to the continued success of the combined business,” said President, Mike Schleinkofer. “Shamrock has been a leading environmental services provider for many years, and we believe the resources they can provide VAI and its employees will greatly help the future growth and development of the company”
“We appreciate Boxwood Partners’ services as our sell-side advisor in this deal,” said Executive Vice President, Clay Foster. “They provided us with great insight as we worked to achieve our goals with this transaction, and we are very excited about VAI’s future under Shamrock’s leadership”
“We were very pleased to be able to bring together these two leading companies in the environmental service industry. Shamrock Environmental was a natural fit for Virginia American Industries,” said Galleher. “Joining with Shamrock will position VAI for success for many years to come.”
“We are very excited about Shamrock Environmental’s acquisition of VAI and the level of service the combined company can offer customers in the rapidly growing Southeast region,” said Jason Sutherland, Managing Partner at CenterOak Partners. “We would like to thank everyone involved in this deal for their hard work in making this a mutually beneficial transaction.”
Greg Bishop and Forbes Thompson of Williams Mullen served as legal counsel for VAI with Sidney Glick and Kelli Wingate of Cherry Bekaert as the accounting advisory.
About Boxwood Partners
Boxwood Partners, LLC, is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve.
For more information about Boxwood Partners, please visit www.boxwoodpartners.com.
About Virginia American Industries
Established in 1998, Virginia American Industries is a diversified environmental services company offering industry leading products and services through its four primary operating businesses, including Aqua Clean Environmental Company Inc, Reco Biotechnology, Reco Biodiesel and Florida Recycling Solutions, LLC. The Company servers a wide variety of customers across several industries and has operations in Lakeland, FL, Tampa, FL, and Richmond, VA.
About Shamrock Environmental
Shamrock Environmental is a leading provider of essential environmental services, including non-hazardous wastewater treatment, waste management, industrial services and environmental construction. Leveraging the company’s footprint of owned Centralized Wastewater Treatment (“CWT”) facilities and fleet of tankers and vacuum trucks, Shamrock provides mission-critical wastewater treatment and related industrial services to customers in diverse end markets across the Southeast U.S.
See https://www.shamrockenviro.com/ for more information.
About CenterOak Partners
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The firm specializes in three key industry sectors: Industrial Growth, Consumer and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong history of creating significant value through operational improvement. CenterOak and its Partners have managed over $2.2 billion of equity capital commitments and have completed over 100 acquisitions, representing over $4.8 billion in transaction value.
For more information about CenterOak Partners, please visit www.centeroakpartners.com
