ICV Partners Expands Portfolio with Asbestos Abatement Leader
ICV Partners Strengthens Its Position in Home Services Market
ICV Partners, LLC, a renowned investment firm focused on the lower middle market, has made a notable acquisition by purchasing a significant interest in Environmental Remedies, LLC (ERI), a prominent name in the asbestos abatement industry. This strategic move is set to bolster ERI's service capabilities and geographic reach within the home services market.
Environmental Remedies: A Trusted Leader
Since its inception in 2004, ERI has established itself as a leader in providing comprehensive asbestos abatement services tailored for remediation companies, insurers, and homeowners. The company has carved out its niche by responding to the continuous need for services prompted by fire and water damage, positioning itself as a dependable partner in these critical situations.
Partnership Vision with ICV Partners
In a recent statement, Scott Tamayo, CEO of ERI, expressed enthusiasm about the partnership with ICV. He remarked, “ICV is a great fit for the vision we have for ERI. Their expertise will help us expand our infrastructure and enhance our operational capabilities.” This collaboration is particularly advantageous given ICV's proven track record of successfully aiding family-owned businesses in scaling their operations.
Investment in Essential Services
Jermaine Warren, Managing Director at ICV Partners, highlighted the strategic nature of this investment. He stated, “Our decision to invest in ERI followed meticulous research and evaluation of various opportunities. ERI's market focus aligns perfectly with our strategy of supporting essential service providers whose offerings are crucial.” This reflects ICV's commitment to building a portfolio of companies that demonstrate resilience and consistent demand.
Plans for Growth and Expansion
Under ICV's guidance, ERI aims to enhance its operational framework, invest in team development, and broaden its market footprint. The company is poised to grow through geographic expansion and potential acquisitions, leveraging ICV’s resources and industry expertise. As ERI embarks on this journey, stakeholders can expect innovation and a strengthened market position.
Advisory and Financing Details
The acquisition saw collaborative efforts among financial advisors and legal teams from both sides. Baird served as the financial advisor for ICV, while Intrepid Investment Bankers represented ERI, ensuring a smooth transaction process. Legal representation included Akin Gump Strauss Hauer & Feld LLP for ICV and Greenberg Glusker LLP for ERI. Funding for the acquisition was facilitated by Stellus Capital Management, underscoring the confidence in ERI’s future potential.
About ICV Partners
ICV Partners has been a significant player in private equity since 1999. The firm focuses on transforming lower middle market companies, aiming for sustainable performance improvements across diverse sectors. With an experienced senior investment team, ICV emphasizes control investments in businesses generating between $25 million to $250 million in revenue. Celebrating its 25th anniversary, ICV Partners continues to solidify its reputation as a catalyst for growth in its portfolio companies.
About Environmental Remedies, LLC
Environmental Remedies, LLC operates as a premier asbestos abatement service provider in California. The company is committed to delivering safe and high-quality solutions to its clients, including homeowners and restoration companies. ERI prioritizes compliance and quality, establishing itself as a trustworthy partner in the industry.
Frequently Asked Questions
What prompted ICV Partners to acquire ERI?
The acquisition aligns with ICV's strategy to invest in essential service providers that meet non-discretionary demand.
What services does Environmental Remedies provide?
ERI specializes in asbestos abatement services for remediation firms, insurers, and individual homeowners.
How will the partnership influence ERI's growth?
The partnership aims to enhance ERI's operational capabilities and market presence through geographic expansion and acquisitions.
Who advised both parties in the acquisition process?
Baird and Intrepid Investment Bankers advised ICV and ERI, respectively, with legal assistance from prominent firms for both companies.
What is ICV Partners' investment focus?
ICV seeks to invest in lower middle market firms with revenue between $25 million and $250 million, emphasizing transformational growth.
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