MIAMI–(BUSINESS WIRE)–I Squared Capital, a leading global infrastructure investment manager, announced today that it has signed a definitive agreement, through its ISQ Global Infrastructure Fund III, to acquire VLS Environmental Solutions (“VLS”) from Aurora Capital Partners, a leading middle-market private equity firm. VLS provides mission-critical, customized waste and specialty cleaning and repair services to a variety of highly regulated industries in North America. Financial terms of the transaction were not disclosed.
VLS operates two principal segments: non-hazardous industrial waste handling, treatment, and sustainable disposal, as well as rail and marine specialty cleaning and repair. As one of the only nationwide providers of ESG-friendly industrial waste solutions, the company’s sustainable disposal solutions are especially attractive for customers with zero-waste-to-landfill initiatives. The company offers a comprehensive set of waste management solutions that process industrial non-hazardous waste to create alternative engineered fuels for industrial processes, fuel for waste-to-energy generation, treated wastewater, and landfill solidification.
The transaction is expected to close in the third quarter of 2022, subject to customary regulatory approvals.
Houlihan Lokey served as lead financial advisor, Robert W. Baird served as co-financial advisor, and Gibson, Dunn & Crutcher LLP served as legal advisor to Aurora Capital Partners. Jefferies LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to I Squared Capital.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on energy, environmental infrastructure, utilities, digital infrastructure, transport and social infrastructure in North America, Europe, Latin America and Asia. Headquartered in Miami, the firm has offices in Hong Kong, London, New Delhi, Singapore and Taipei.
About Aurora Capital Partners
Aurora Capital Partners is a leading Los Angeles-based private equity firm with over $4.5 billion in assets under management. Founded in 1991, the firm focuses principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.
About VLS Environmental Solutions
VLS’ Waste division provides customized waste processing solutions for non-hazardous industrial and commercial waste, including landfill diversion and sustainability programs, solidification of liquid waste, recycling, and wastewater treatment. The company’s Railcar Cleaning division provides specialty cleaning services for difficult-to-clean products including chemicals, hardened materials and pressurized gases using the most environmentally friendly and safe processes in the industry. Also, the company’s Marine division has state-of-the-art barge cleaning and repair facilities for a wide variety of petroleum and chemical solvents. Today, VLS has over 800 employees in 28 locations across the country. For more information about VLS, visit: www.vlses.com.