Solace Capital Partners (Solace), a private equity firm focused on providing creative capital solutions for middle market companies, has sold Patriot Environmental Services (Patriot), a provider of comprehensive environmental services and emergency oil spill response, to Heritage-Crystal Clean for $156 million.
Solace Capital Partners (Solace), a private equity firm focused on providing creative capital solutions for middle market companies, has sold Patriot Environmental Services (Patriot), a provider of comprehensive environmental services and emergency oil spill response, to Heritage-Crystal Clean for $156 million.
Patriot specialises in a wide variety of waste services, including transportation and disposal, environmental emergency response and cleanup, industrial cleaning, and oil spill response. Patriot operates eighteen locations, including two wastewater treatment facilities.
Since Solace’s initial investment in 2015, Patriot experienced significant growth and its revenue and EBITDA nearly tripled. In this time, the Company opened eight environmental services offices across California, Nevada, Oregon, Washington, and Arizona, expanded vertically into waste disposal through the acquisition and greenfielding of four disposal facilities, and recruited seasoned leaders, including 30-year industry veteran, Kent Bartley, as Chief Executive Officer. In addition to Bartley, Geoff Milbrandt, Chief Financial Officer, and Josh Teves, President, both played instrumental roles in growing the business.
