BRS Invests in Heritage-Crystal Clean Elgin, Illinois, February 24th,
Heritage - Crystal Clean, LLC (HCC), the nation's
second-largest parts cleaning service firm,
today announced the addition of a new equity investor. Bruckmann, Rosser, Sherrill & Co. LLC
a leading private equity management firm,
acted through affiliates to invest $5 million for a minority equity stake in HCC.
The Heritage Group and HCC management retained a majority stake in HCC following
the transaction. HCC intends to use the proceeds of this investment to support the
continued expansion of its business, including acquisitions and the opening of
new branch locations.
HCC selected BRS from the many firms asking to invest in HCC.
"We felt that the long-standing interest BRS has shown in our industry,
combined with their track record of success supporting high-growth enterprises,
makes them an outstanding financial partner for HCC," said Joe Chalhoub,
HCC's President and CEO. "In addition, BRS has a large capacity for additional
investment, which could help HCC take advantage of future business opportunities,"
HCC, headquartered in Elgin, Illinois, is a privately-held marketing
and sales company that concentrates on servicing the automotive repair, commercial and
industrial marketplaces in 33 states. In so doing, it provides parts cleaner services
and other fluid supply and waste collection services to thousands of small to
medium-size customers. In the future, HCC will continue to serve these customers with
their solvent needs, while expanding its operations across the United States.
BRS is a New York based private equity investment firm with over
$1.2 billion under management. BRS was founded in 1995 and has since invested in over
20 companies in the following industries: restaurants, consumer goods, specialty retail,
recreation/leisure, apparel, home furnishings, industrial and commercial services
(including equipment rental), commercial equipment manufacturing, wholesale distribution
and healthcare services. BRS makes leveraged buyout, recapitalization/restructuring
and growth capital investments in companies with superior management, predictable
cash flow, strong market share and growth potential. All management teams of
BRS companies are equity investors in their businesses.