Date: November 26, 2008
Source: EQ - The Environmental Quality Company
EQ Announces New Equity Investor
EQ - The Environmental Quality Company today announced that the company has finalized a strategic partnership with Kinderhook Industries and its affiliates. As a result of this partnership, Kinderhook, a private equity firm based in New York, has completed a significant equity investment in EQ. This partnership will provide EQ with access to new capital, positioning the company for continued and more aggressive growth, both organic and through acquisitions, in the environmental services industry.
"Over the past several years, we have expanded our product and service offerings which have resulted in successful growth as a company," stated David Lusk, President of EQ. "Partnering with Kinderhook Industries will enhance our leadership position in the industry, allowing us to continue to build on our foundation of profitable growth and aggressively pursue acquisitions. This leadership position would not be possible without our 700+ skilled and dedicated Associates located at 21 facilities nationwide." EQ's current shareholders and management team will remain in place and will continue to strategically manage the business.
"EQ remains fully committed to serving the environmental sustainability needs of our customers throughout the country," said Lusk. "This investment will further enhance our ability to develop innovative technologies to minimize waste volumes, reduce costs and protect the environment for our customers while meeting their strategic objectives."
Founded in 2002, Kinderhook Industries manages $470 million of committed capital. The firm was established to capitalize on the principals' expertise in investing in middle market companies. Kinderhook's principals have completed in excess of fifty transactions, investing over $1 billion throughout their investment careers. The Kinderhook investment philosophy is predicated on matching unique, value oriented investment opportunities with high quality management. Kinderhook believes that strong management teams are vital in growing outstanding companies. To that end, Kinderhook works as a partner with management using their experience and resources to help build successful companies.
"We are excited to partner with EQ's talented management team and build on the success the company has achieved," said Robert Michalik, Managing Director at Kinderhook. "The environmental services industry is poised for growth. Kinderhook intends to support a vigorous investment program in EQ that will allow for the company to capitalize on this growth opportunity."
Terms of the transaction are not disclosed.
EQ - The Environmental Quality Company is a fully integrated environmental services and waste management organization based in Wayne, Michigan. We implement innovative technology and service solutions that minimize waste volumes, reduce costs and protect the environment. EQ 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. Our combination of fixed-based facilities and extensive service capabilities allows EQ to meet the environmental sustainability goals of our customers. For additional information on EQ, please go to www.eqonline.com.
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