Going Private • Environmental

J.F. Lehman & Company Acquires Crystal Clean

On July 19, 2023, private equity firm J.F. Lehman & Company acquired environmental company Crystal Clean for 1.2B USD

Acquisition Context
  • This is J.F. Lehman & Company’s 4th transaction in the Environmental sector.
  • This is J.F. Lehman & Company’s 2nd largest (disclosed) transaction.
  • This is J.F. Lehman & Company’s 40th transaction in the United States.
  • This is J.F. Lehman & Company’s 2nd transaction in Illinois.

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M&A Deal Summary

Date July 19, 2023
Target Crystal Clean
Sector Environmental
Buyer(s) J.F. Lehman & Company
Deal Type Going Private
Deal Value 1.2B USD
Advisor(s) William Blair (Financial)
McDermott Will & Emery (Legal)

Target Company

Crystal Clean

Hoffman Estates, Illinois, United States
Crystal Clean is an environmental service company that provides parts cleaning, used oil, re-refining, and hazardous and non-hazardous waste collection services. Crystal Clean was founded in 2007 and is based in Hoffman Estates, Illinois.
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Buyer Overview 1

Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 4.5B USD
Size Large
Type Sector Focused
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


Deal Context for Buyer #
Overall 44 of 47
Sector: Environmental 4 of 5
Type: Going Private 4 of 4
State: Illinois 2 of 2
Country: United States 40 of 42
Year: 2023 1 of 1
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-15 Lone Star Disposal

Houston, Texas, United States

Lone Star Disposal is a provider of construction and demolition (“C&D”) and municipal solid waste (“MSW”) disposal and related environmental services. The Company’s comprehensive service platform utilizes an asset base consisting of a C&D landfill, an MSW transfer station, a C&D recycling facility, and a C&D collection fleet. Lone Star Disposal is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Mission Microwave Technologies

Cypress, California, United States

Mission Microwave Technologies is a provider of Solid-State Power Amplifiers (SSPAs) and Block Upconverters (BUCs) to the satellite communications market. Mission Microwave Technologies was founded in 2014 and is based in Cypress, California.

Buy -