NEW YORK,Jan. 13, 2023/PRNewswire/ -- NorthStar Group ("NorthStar"), a portfolio company of investment affiliates of J.F. Lehman & Company ("JFLCO"), today announced the completion of the acquisition of Trans Ash Inc. ("Trans Ash" or the "Company"), enhancing NorthStar's existing capabilities serving the coal ash remediation market.
Trans Ashis a leading provider of coal ash (or coal combustion residuals ("CCR")) services to utility customers acrossNorth America。For decades, the Company has delivered best-in-class, turnkey solutions to their customer base, including CCR basin closure services, CCR landfill closure and construction services, civil construction services, and operations support.Bob Gerbus, President ofTrans Ash, will remain with NorthStar and lead the combined CCR services platform.
Alex Harman, Chairman of NorthStar, commented, "Today's announcement marks the culmination of our efforts to establish the largest and most comprehensive coal ash remediation capability in the U.S. We are pleased to welcomeTrans Ashinto the NorthStar family and look forward to partnering with Bob and his team to build upon a strong foundation established over many years."
Scott State, CEO of NorthStar, added, "With the acquisition ofTrans Ash, NorthStar has assembled market leading capabilities across our three primary service offerings: Commercial and Industrial Deconstruction, Nuclear Decommissioning and Waste Management, and Coal Ash Remediation and Reuse. We are excited to capitalize on the opportunities that lie ahead – including over$3.5 billionof backlog – with our over 3,000 highly skilled and dedicated employees, fleet of modern equipment, industry-leading safety performance, and unique breadth and depth of capabilities."
Trans Ashrepresents NorthStar's first acquisition since the JFLCO-led recapitalization of the business in 2021 via a single asset continuation fund, which included participation from company management alongside a syndicate of world class investors. "This acquisition is representative of the strategic opportunity before NorthStar to augment its organic growth with M&A-driven expansion. We look forward to continued growth supported by our refreshed capital structure," addedDave Thomas, Director of NorthStar and Managing Director at JFLCO.
Debt financing for the transaction was provided by Macquarie Capital. Macquarie Capital andJones Dayserved as financial advisor and legal counsel for NorthStar, respectively. Dinan Capital Advisors andKeating Muething& Klekamp PLL served as financial advisor and legal counsel toTrans Ash, respectively.
About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company focuses exclusively on investing in the aerospace, defense, maritime, government and environmental industries. The firm has offices inNew YorkandWashington, D.C.
www.jflpartners.com
SOURCE J.F. Lehman & Company
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