December 26, 2023
Houston, Texas — Ironclad Environmental Solutions (“Ironclad”), a portfolio company of Kinderhook Industries (“Kinderhook”), announced the acquisition of DenBeste Water Solutions (“DenBeste”), a leading provider of liquid containment and fluid management solutions based in Windsor, CA. DenBeste serves its customers through eight locations and a robust fleet of containment and transportation assets across California, Oregon, Nevada and Texas. Financial terms of the transaction were not disclosed. This acquisition represents Ironclad’s second add-on since partnering with Kinderhook and Kinderhook’s 116th environmental services transaction.
Headquartered in Houston, Texas, Ironclad Environmental Solutions is an industry-leading provider of specialty waste management solutions, temporary liquid storage, and containment equipment for hazardous and non-hazardous waste. The Company serves its customers through a network of over 60 branches with an industry leading young fleet of over 33,000 specialized rental assets used to store, separate, and transport hazardous and non-hazardous waste.
“Ironclad is thrilled to partner with the DenBeste team. Our shared commitment to a culture of safety, sustainability, customer service and operational excellence makes this partnership a natural fit,” said Eric John, Chief Executive Officer of Ironclad Environmental Solutions. “The acquisition of DenBeste further cements Ironclad’s position in the Western United States and provides additional services, talent and scale to Ironclad’s platform. We’re excited to leverage our combined strength to continue to deliver for our customers.”
“Joining forces with Ironclad marks an exciting chapter for DenBeste. This partnership opens up new avenues for growth and service excellence,” said Lori DenBeste, Chief Executive Officer of DenBeste Water Solutions. “As we integrate our expertise and resources, we are poised to make an even greater impact in the markets we serve. Our shared values and vision will undoubtedly drive success for our customers.”
“DenBeste is a highly strategic acquisition for Ironclad,” said Robert Michalik, Managing Director at Kinderhook. “Following the acquisition of Adler Tank Rentals in February, the acquisition of DenBeste further propels Ironclad’s aggressive growth strategy and bolsters its position as a nationwide provider of mission critical waste management solutions. Through it scale and expertise, Ironclad is uniquely positioned to serve the wholistic environmental needs of its customers.”
Kirkland & Ellis LLP served as legal counsel to Kinderhook for the transaction. BMO Capital Markets served as financial advisor to DenBeste Water Solutions for the transaction. Financing for the transaction was provided by a syndicate led by Twin Brook Capital Partners.
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