Harris Williams & Co. Advises Liquid Environmental Solutions on its Sale to Audax Private Equity

December 20, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Liquid Environmental Solutions (LES) on its sale to Audax Private Equity. LES is a leading non-hazardous wastewater collection and liquid waste disposal company in the U.S. The transaction was led by Bob Baltimore, Brian Lucas, Luke Semple, Taylor Morris and Will Forston of Harris Williams & Co.’s Richmond office.

“LES is a tremendous company with an outstanding management team. Through the use of technology and the development of lasting customer relationships, LES has become a clear leader in the non-hazardous liquid waste management market. We are excited to have found a great partner in Audax Private Equity that shares in management’s strategic vision for the business,” said Brian Lucas, managing director at Harris Williams & Co.

“LES is the latest addition to Harris Williams and Co.’s deep resume in the critical outsourced services industry,” added Bob Baltimore, managing director at Harris Williams & Co. “Buyers continue to be attracted to route-based business models that deliver critical recurring services with a strong value proposition to their customers and market segments.”

LES, one of the largest exclusively non-hazardous U.S. wastewater collection and disposal companies, is known for innovation and leadership in protecting customers from liability and ensuring regulatory compliance, while minimizing their environmental footprint. Focused exclusively on servicing customers’ non-hazardous liquid waste needs, LES collects, treats and beneficially recovers materials from a wide variety of waste sources, including grease traps, oil water separators, grit traps, industrial and manufacturing processes and used cooking oil for the restaurant, hospitality, automotive maintenance, manufacturing, power plant, petrochemical and ship-building and repair industries, as well as environmental services companies. With over 650 team members, a state of the art fleet of more than 300 vacuum trucks, 54 collection branches and 23 wastewater treatment plants, LES is positioned to meet customers’ diverse liquid waste needs throughout the U.S.

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax Private Equity has invested $4.5 billion in 110 platform and 635 add-on companies. Through its disciplined Buy & Build approach, Audax Private Equity 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.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence.  Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.