Growth Capital Partners, L.P. Announce VLS Recovery Services, LLC. has Completed a Management Buyout
HOUSTON, Texas (January 7, 2011) — Growth Capital Partners, L.P. (GCP), a Houston-based investment and merchant banking firm, announced that management of VLS Recovery Services, LLC (VLS). has successfully executed a management buyout from its equity sponsor, HSBC Capital (USA) Inc. This transaction is backed by equity investment and credit facilities from The Prudential Insurance Company of America and Prudential Capital Partners. This transaction strengthens GCP’s resume of industrial services advisory work, and the firm’s continued focus on the private equity and lending marketplace for middle-market companies. GCP served as exclusive financial advisor to VLS. The terms of the transaction were undisclosed.
BoyarMiller represented the management buyout principals in the transaction led by Business Group attorneys Gary Miller, Shareholder, Steve Kesten, Shareholder, Taylor Hayden, Associate, and Forrest Gordon, Associate.
VLS Recovery Services, headquartered in Hockley, Texas, operates two industrial service divisions comprised of interior railcar cleaning and non-hazardous waste treatment & recycling services. The company operates from its facilities in Hockley, Texas, Fitzgerald, Georgia and Mauldin, South Carolina. Its customer base includes many Fortune 500 chemical and product manufacturers along with logistic and fleet management companies located throughout North America. Simultaneous with the closing of the management buyout, VLS Recovery Services completed the acquisition of Armor Environmental Services Inc., a provider of non-hazardous waste management services for a wide variety of industrial and commercial wastes with facility located in Mt. Pleasant, Tennessee.
Prudential Capital Group has been a leading provider of private capital to companies for more than 70 years, investing private debt and equity securities. Prudential Capital manages a portfolio of more than $53 billion (as of 9/30/10) and investing $6 billion to $10 billion in private capital annually in companies worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Newark, N.J., New York, Paris, and San Francisco.
Growth Capital Partners, L.P. is an investment and merchant banking firm that provides financial advisory services to both private and public middle-market companies. GCP also focuses extensively on the private equity marketplace. Since its inception in 1992, GCP has completed in excess of 250 transactions, raised more than $1 billion of institutional capital (through private placements of equity, subordinated, and senior debt), and completed M&A transactions with an aggregate value in excess of $4 billion.