Date: June 19, 2007
Source: News Room
Heritage-Crystal Clean Inc., which provides parts cleaning and containerized waste services, plans to raise up to $37 million in an initial public offering. The Elgin-Illinois based company is the second largest provider of such services behind industry leader Safety-Kleen. Through its network consists of 48 branches in 38 states and more than 34,000 client sites, it performed 250,000 parts cleaning service calls during fiscal 2006. Annual sales have grown rapidly from about $16 million in 2000 to $77.1 million in fiscal 2006. And, there is room to grow as the company estimates that the industrial and hazardous waste services segment represents a $5 billion market opportunity. Proceeds from the offering will be used to redeem preferred stock and repay debt. William Blair & Co. and Piper Jaffray are the underwriters of the deal.
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