Investment group Audax Private Equity along with founder and CEO of Savannah-based EnviroVac have acquired EnviroVac from RLJ Equity, according to a press release distributed on Monday.
RLJ Equity Partners managing director Jerry L. Johnson said the company was proud to have been part of EnviroVac’s success over the years.
“Since our investment three years ago, EnviroVac has thrived under the leadership of their president and chief executive officer Kevin Jackson,” Johnson said.
“EnviroVac achieved considerable growth as a result of its intentional focus on innovation, customer service, and the integration of a significant strategic acquisition, which enabled EnviroVac to serve the Southeast by providing comprehensive services, thereby boosting revenues.”
EnviroVac has facilities across the Southeast providing industrial cleaning services, including vacuuming, hydroblasting, water-cutting and video inspection needs. Terms of the agreement were not disclosed, but Jackson, who founded the EnviroVac in 1998, called the buyback and partnership with Audax a phenomenal thing for the community and a dream come true.
“Partnering with Audax provides access to a broad range of resources, enabling EnviroVac to reach new heights in the industrial cleaning industry, grow into new market segments and service lines, and complete additional strategic acquisitions,” Jackson said.
Based in Boston, Mass., Audax Group was founded in 1999 and has invested $4 billion in 106 platforms and 583 add-on companies. The group has offices in Boston, New York and San Francisco and has more than $11 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.
EnviroVac has grown substantially since its start in a single trailer with four employees. The company now employs more than 600 people and opened a new 25,000-square-foot headquarters at 4912 Old Louisville Road just over a year ago, and Jackson said the move will help the company expand globally.
Geoffrey S. Rehnert, co-chief executive officer of Audax Group, said the company will partner with Jackson and the rest of the EnviroVac team to support the next phase of growth which, according to Jackson, includes hiring at least 300 new employees.
On the Web
For more information about EnviroVac, go to www.cleancompany.com.