Crystal Clean/Kenworth
Crystal Clean Kenworth 2

J.F. Lehman affiliate acquires Crystal Clean

Oct. 20, 2023
Illinois-based environmental services company provides hazmat transportation, used oil refining, emergency spill response, and more

An investment affiliate of J.F. Lehman & Company recently completed the acquisition of Heritage-Crystal Clean, a provider of hazardous waste transport, used oil refining, emergency spill response, and other services.

“We are excited to begin our partnership with Crystal Clean’s leadership team and build on the company’s strong foundation as a clear category leader and unparalleled provider of environmental and waste disposal services,” Glenn Shor, J.F. Lehman partner, said in a news release. “We have long admired Crystal Clean’s reputation of providing high-quality services to its diversified, blue-chip customer base, as well as the financial and operational excellence the team has established.

“We look forward to working together to best position Crystal Clean for sustainable, long-term success as a private company.”

Pursuant to the terms announced July 19, J.F. Lehman acquired all outstanding shares of Crystal Clean stock in the transaction. Crystal Clean shareholders are entitled to receive $45.50 in cash for each share of Crystal Clean (HCCI) common stock owned.

As a result of the deal’s completion, Crystal Clean stock no longer trades on the NASDAQ exchange.

“Our longstanding mission has been to deliver best-in-class, environmentally sustainable solutions to our customers and we believe our partnership with J.F. Lehman puts us in the best position to continue to do so,” said Brian Recatto, Crystal Clean president and CEO. “We appreciate the support from both the Crystal Clean and J.F. Lehman teams and are looking forward to the next chapter of growth in concert and partnership with J.F. Lehman.”