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Direct Investment  + Alternative Assets  + M&As  + Private Equity  |  July 20, 2023
PE Firm JF Lehman & Co to Acquire Heritage-Crystal Clean in $1.2B Take-Private Deal
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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