CHICAGO and SIGNAL HILL,
Calif., Jan. 27, 2015
/PRNewswire/ -- Sterling Partners, a leading growth-oriented
private equity firm with approximately $5
billion of assets under management, announced today the sale
of its portfolio company GEM Mobile Treatment Services (GEM), a
leading provider of engineered environmental remediation solutions
for vapor control and wastewater treatment needs in the petroleum,
petrochemical, environmental and energy industries, to Evergreen
Industrial Services (Evergreen). Evergreen provides a comprehensive
range of industrial cleaning services for oil refineries,
petrochemical plants, power generation plants, manufacturing sites
and mills. Financial details surrounding the transaction were not
disclosed.
"Since partnering with Sterling to scale our business, we've
built GEM to be a market leader that provides critical engineered
solutions to our customers," said GEM founder and COO Paul Anderson. "We're excited to continue
serving our customers in partnership with Evergreen."
Anderson will assume leadership of GEM from Steve Ragiel, who has served as CEO since 2012.
"Sterling's capital investment, understanding of this niche market
and experience working with founder-led businesses has enabled
GEM's management team to broaden the Company's service offerings
and expand into new markets," Ragiel said. "Due to the unique
solutions we offer and the strategic plan we've developed, GEM is
positioned to keep growing under Paul's leadership as it enters
this next phase."
Founded in 1994, GEM provides innovative vapor and water
processing and treatment technologies on either a mobile or fixed
basis to solve routine or complex treatment projects that allow
customers to meet or exceed environmental, regulatory and safety
standards.
"Sterling's investment in GEM was consistent with our strategy
of partnering with founders and backing innovative companies that
provide high-quality services in growing industries," said
Mike Drai, Principal at Sterling
Partners.
Sterling formed its partnership with GEM in 2010, and worked
closely with GEM's founder and management team to develop a focused
organic growth strategy, implement operational best practices and
create systems and procedures to scale services throughout
North America from six strategic
locations within the United
States.
With this sale, Sterling has successfully exited four companies
within its active industrial, commercial and energy services
portfolio. Sterling focuses on partnering with business services
companies in the logistics, financial services, and industrial,
commercial and energy sectors that consistently increase
efficiency, improve quality and mitigate risk.
About GEM Mobile Treatment Services
GEM Mobile
Treatment Services, Inc. (GEM) provides comprehensive services to
the petroleum, petrochemical, environmental and energy industries.
Their services include mobile vapor control and tank degassing,
mobile turnaround and marine services, mobile wastewater treatment
services, as well as emissions monitoring and environmental
compliance reporting. GEM offers vapor control technology such as
vapor combustion, liquid scrubbing and carbon adsorption. They
provide services throughout North
America from six locations in the
United States. Learn more about GEM by visiting
http://www.gem-mobile.com.
About Sterling Partners
Sterling Partners is a private
equity firm with a distinct point of view on how to build great
companies. Founded in 1983, Sterling has invested billions of
dollars, guided by the company's stated purpose: INSPIRED GROWTH®,
which describes Sterling's approach to buying differentiated
businesses and growing them in inspired ways. Sterling focuses on
partnering with like-minded founders and entrepreneurs and
investing growth capital in small and mid-market companies in
industries with positive, long-term trends including healthcare,
education and business services. Sterling provides valuable support
to the management teams of the companies in which the firm invests
through a deep and dedicated team of operations and functional
experts based in the firm's offices in Chicago, Baltimore and Miami.
The people at Sterling believe in ideas and ideals, in people
and partnerships that drive long-term success. For more
information, please visit www.sterlingpartners.com.
About Evergreen Industrial Services
Evergreen was
founded in 2000 by Jon Hodges and is
owned by Platform Partners, a Houston-based private investment company, Mr.
Hodges, and Evergreen's management team. Evergreen is an
environmental industrial services company with over 600
highly-trained employees located near client facilities throughout
the Gulf Coast, Midwest and West Coast of the United States. Evergreen provides project
management, onsite wastewater treatment, vapor control and
industrial cleaning services including hydro-blasting, vacuuming,
chemical cleaning, tank cleaning and waste handling to a wide range
of processing plants, heavy industrial and commercial facilities.
Learn more about Evergreen by visiting
http://www.evergreenes.com.
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SOURCE Sterling Partners