The Heritage Group and the EQT Infrastructure VI fund (“EQT Infrastructure”) today announced that they have entered into a definitive agreement under which EQT Infrastructure will assume a majority position of Heritage Environmental Service (“HES”). The Heritage Group will continue to remain a shareholder in the company.
Since 1970, Heritage Environmental Services has been at the forefront of protecting human health and the environment. What started as a small family-owned operation in Columbus, Indiana, has evolved into a fully integrated environmental services company with over 1,600 employees nationally. The company provides a full suite of tailored solutions from emergency response, waste disposal, and sustainability services to on-site support and technical solutions to thousands of customers in hundreds of industries and verticals. Under its new structure, HES will remain a stand-alone platform led by its existing management team.
JD Vargas, Partner within EQT Infrastructure’s Advisory team, said, “EQT’s investment in HES is a continuation of a strong partnership we have developed with The Heritage Group over many years. The investment further expands EQT’s thematic approach of investing in critical businesses that have a positive impact on society. We are excited to partner with the HES team as we invest to accelerate growth and ensure environmental stewardship to customers nationwide.”
Jeff Laborsky, HES CEO, said, “EQT has been a strong partner to The Heritage Group, and we are excited to expand our relationship. Importantly, the concepts of a similar culture, treatment of our employees, respect for the communities we serve and commitment to a long-term partnership with THG were key criteria in selecting EQT as our partner. Combined with EQT, our joint commitment is to continue to bring the most innovative reuse, recycle, treatment, and disposal solutions in the United States. HES is at the forefront of providing sustainable solutions to our customers, and EQT’s partnership will accelerate our growth and investment in expanding our differentiated offerings. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution.”
The transaction is subject to customary conditions and approvals. It is expected to close by 1Q 2024. Financial terms of the transaction were not disclosed.
Truist Securities was the exclusive financial advisor to The Heritage Group, and Kirkland & Ellis LLP served as legal counsel in connection with the transaction. Nomura Securities served as financial advisor, and Simpson, Thatcher & Bartlett provided legal counsel to EQT Value-Add Infrastructure.
About Heritage Environmental Services
Heritage Environmental Services is in the business of eliminating industrial waste, and we have been making a difference for our clients since our beginning in the 1970’s. As a family-owned business headquartered in Indianapolis, we take pride in solving complex problems by offering a wide array of tailored solutions, from waste disposal, on-site support, and technical solutions to
emergency response, and sustainability services.
Each one of our 1,600+ employees play an integral role in the process, and our technology continues to be on the cutting edge of this critical industry that has become more imperative than ever.
About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.