Enhances Zero Waste to Landfill and sustainable waste services for over 2,500 industrial customers
CLEVELAND, May 1, 2023 - Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of Circon Holdings, Inc. (Circon), an industry leader in innovative waste management solutions and a portfolio company of Kinderhook Industries, LLC (Kinderhook), to Covanta Holding Corporation (Covanta), a leader in sustainable materials management and a portfolio company of EQT Infrastructure. BGL's Environmental & Industrial Services investment banking team served as lead financial advisor to Circon in the transaction. The specific terms of the transaction were not disclosed.
The addition of Circon's services doubles Covanta's wastewater footprint, grows its engineered fuels business five-fold, and catapults Covanta into a leading position in the growing alternative fuels field for kilns. It also meaningfully expands the company's footprint in the Gulf Coast and Midwest regions. The addition of Circon marks the largest single acquisition for Covanta in two decades, bringing with it more than 600 new employees and 2,500 customers.
Headquartered in La Porte, Texas, Circon is a full-service provider of environmental services with a customer base across more than 20 waste facilities in the Midwest, Southeast, and Gulf Coast. As part of its sustainability-focused service offering, Circon leads the market in manufacturing waste-derived fuels. This acquisition is noteworthy for Covanta due to Circon's geographic reach across multiple regions of the country and its suite of circularity offerings in wastewater treatment and non-hazardous and hazardous waste management. Circon amplifies Covanta's ability to provide more last-mile sustainability solutions to its blue-chip customer base and transform their waste into value-based materials.
BGL's Environmental & Industrial Services (EIS) investment banking team has been a leader in the North American market in Environmental Services transaction volume for more than eight years, according to PitchBook.com. The EIS team focuses on businesses that perform essential services to the commercial, industrial, infrastructure, power and energy, and municipal markets. We have executed numerous transactions related to a broad range of industrial and environmental investments and have developed significant expertise in many subsectors, including sustainability, waste and recycling, environmental and industrial field services, infrastructure services, and commercial services.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 35 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.
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