Houlihan Lokey is pleased to announce that EnviroVac Holdings, LLC, (EnviroVac), a portfolio company of RLJ Equity Partners, LLC, (RLJ), has been acquired by Audax Private Equity (Audax) and the EnviroVac management team. The transaction closed on July 7, 2017.
Founded in 1998 and headquartered in Savannah, Georgia, EnviroVac is a leading provider of mission-critical cleaning and maintenance services to blue-chip customers. EnviroVac 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 commitment to utilizing automation, technology, and innovation to enhance the customer experience.
RLJ 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 is a portfolio company of The RLJ Companies.
Since its founding in 1999, Audax 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 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.
Houlihan Lokey served as the exclusive financial advisor to EnviroVac and RLJ and assisted in structuring and negotiating the transaction on their behalf. This transaction highlights Houlihan Lokey's broad experience and continued success advising environmental and industrial services businesses.