M&A Deal Summary

KLH Capital and PNC Mezzanine Capital Acquire Miller Environmental Services

On September 1, 2023, private equity firm KLH Capital and mezzanine finance firm PNC Mezzanine Capital acquired environmental company Miller Environmental Services from Trinity Hunt Partners

Acquisition Highlights
  • This is KLH Capital’s 3rd and PNC Mezzanine Capital’s 2nd transaction in the Environmental sector.
  • This is KLH Capital’s 66th and PNC Mezzanine Capital’s 72nd transaction in the United States.
  • This is KLH Capital’s 7th and PNC Mezzanine Capital’s 6th transaction in Texas.

M&A Deal Summary

Date 2023-09-01
Target Miller Environmental Services
Sector Environmental
Buyer(s) KLH Capital
PNC Mezzanine Capital
Sellers(s) Trinity Hunt Partners
Deal Type Secondary Buyout

Target

Miller Environmental Services

Deer Park, Texas, United States
Miller Environmental Services provides a broad array of industrial cleaning and environmental services within the downstream, midstream, and upstream hydrocarbon processing markets. Miller Environmental Services was established in 1985 and is based in Corpus Christi, Texas.

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Buyer(S) 2

Buyer

KLH Capital

Tampa, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

KLH Capital is a private investment firm focused on smaller company investments in a variety of growing industry sectors. KLH helps provide management teams with capital to facilitate recapitalizations, management buy-outs/buy-ins, family successions, and other ownership transitions. KLH generally pursues companies with $4 to $20 million in pre-tax earnings and will consider opportunities across the US. KLH will not invest in start-ups, high technology, software, biotech, restaurants, retail, real estate development, oil and gas operations, or new construction businesses. KLH Capital is based in Tampa, Florida.


DEAL STATS #
Overall 66 of 67
Sector (Environmental) 3 of 3
Type (Secondary Buyout) 1 of 1
State (Texas) 7 of 7
Country (United States) 66 of 67
Year (2023) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 eTech

Odessa, Texas, United States

eTech is an environmental remediation business providing regulatory-mandated environmental consulting, soil sampling & testing, remediation, waste management, and long-term compliance services to a large base of blue-chip customers in the upstream, midstream, government, and industrial end markets throughout the Permian Basin. eTech is based in Odessa, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-01 Selinsky Force

Canton, Ohio, United States

Selinsky Force provides a diverse portfolio of industrial construction services including heavy rigging and hauling, crane service and equipment rental, and plant and equipment maintenance. Selinsky Force was founded in 2009 and is based in Canton, Ohio.

Buy -
Buyer

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 76 of 77
Sector (Environmental) 2 of 2
Type (Secondary Buyout) 15 of 15
State (Texas) 6 of 6
Country (United States) 72 of 73
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-31 Excel Physical Therapy

Hackensack, New Jersey, United States

Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-11 Elgin Fastener Group

Wheeling, Illinois, United States

Elgin Fastener Group is a manufacturer of short-run, high-quality specialty fasteners for a diverse range of niche industrial end markets. Elgin Fastener Group was founded in 2002 and is based in Wheeling, Illinois.

Sell -

Seller(S) 1

SELLER

Trinity Hunt Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Trinity Hunt Partners is a private equity firm focused on investing in lower middle-market companies throughout US. Trinity targets established companies with EBITDA of $4 to $25 million and investment size between $15 and $70 million of equity invested into each portfolio company. Specific areas of interest include business, healthcare, and consumer services. The Firm focuses on majority and significant minority recapitalizations, buy-and- builds, management buyouts. Trinity Hunt Partners was founded in 1993 and is based in Dallas, Texas.


DEAL STATS #
Overall 19 of 21
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 10 of 10
State (Texas) 10 of 11
Country (United States) 18 of 20
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-27 REQ

Washington, District of Columbia, United States

REQ is a digital marketing and brand management company. Offering a comprehensive suite of solutions and technologies that define, connect, and protect brands, REQ serves global companies and leaders in technology, real estate, entertainment, government, hospitality, retail, and finance. REQ was founded in 2008 and is based in Washington, District Of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-07 Agital

Burlington, Massachusetts, United States

Agital is a digital marketing agency delivering measurable business results to marketers and business leaders. Agital is based in Burlington, Massachusetts.

Buy -