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Direct Investment  + Alternative Assets  + M&As  + Private Equity  | 
PE Firm JF Lehman & Co to Acquire Heritage-Crystal Clean in $1.2B Take-Private Deal

PE Firm JF Lehman & Co to Acquire Heritage-Crystal Clean in $1.2B Take-Private Deal

Private equity firm J.F. Lehman & Company has acquired industrial cleaning and waste management company Heritage-Crystal Clean in a $1.2 billion all-cash take-private deal.

JFLCO will pay $45.50 per share for Crystal Clean, an almost 25% premium to the company’s 60-day volume-weighted average price on Wednesday.

“At a time when businesses across industries are more environmentally conscious and highly focused on running cleaner, we are excited to partner with Crystal Clean – a clear category leader and unparalleled provider of environmental and waste disposal services,” said JFLCO partner Glenn Shor.

The merger agreement provides for a “go-shop” provision under which Crystal Clean and its Board may solicit other offers during a 35-day period.

The deal is expected to close in the fourth quarter of 2023.

William Blair is serving as a financial advisor to Crystal Clean (HCCI). Houlihan Lokey is serving as the lead financial advisor to JFLCO, and Jefferies is also serving as a financial advisor to JFLCO.

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J.F. Lehman & Company

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.