Brown Gibbons Lang & Company (BGL) today announced the merger of Allstate Power Vac, Inc. (Allstate) with The Environmental Quality Company (EQ), a portfolio company of private equity firm Kinderhook Industries. BGL’s Energy and Environmental Services team initiated the transaction and served as the exclusive financial advisor to Allstate. The specific terms of the transaction were not disclosed.
Founded in 1984, Allstate is one of the leading environmental and industrial service providers in the northeastern U.S, operating out of seven facilities in New Jersey, New York, Pennsylvania, Massachusetts, and Maine. Allstate offers a broad suite of environmental services, including industrial cleaning (e.g., vacuum truck and hydroblasting services), emergency response, hydroexcavation, tank and oil processing, sewer rehabilitation, waste transportation and disposal, lab-packing, and marine spill response. Allstate’s customer base includes Fortune 500 utility, oil and gas, chemical, and other general industrial companies, as well as major municipalities.
The acquisition of Allstate will further expand EQ’s market presence in the Northeast with the addition of seven strategically located facilities. Allstate’s long-standing customer relationships will increase EQ’s access to the energy and industrial markets in the region.
Louis Galasso III, president of Allstate, commented, “BGL’s knowledge of and relationships within the buyer universe, thoughtfulness throughout the process, and tireless work ethic were critical to the success of this transaction. The other management team members and I believe EQ shares our vision for future growth and enthusiasm in the business. We are excited to now be a part of the EQ organization.”
Effram Kaplan led the BGL transaction team.
The Environmental Quality Company is a fully integrated environmental services and waste management organization based in Wayne, Michigan. EQ implements innovative technology and service solutions that minimize waste volumes, reduce costs and protect the environment. The Company owns ISO certified treatment, disposal and recycling facilities and manages an extensive line of remediation, industrial cleaning and total waste management services throughout the United States. For more information, please visit www.eqonline.com.