May 2, 2023
New York, NY – Circon Holdings, Inc. (“Circon” or the “Company”) a Kinderhook Industries, LLC (“Kinderhook”) portfolio company has completed its sale to Covanta Holding Corporation (“Covanta”). Financial terms of the transaction were not disclosed.
Headquartered in La Porte, Tx., Circon is a full-service provider of sustainable environmental services with a customer base across more than 20 waste facilities in the Midwest, Southeast and Gulf Coast. Under Kinderhook’s ownership, Circon completed six add-on acquisitions to grow its geographic footprint while also expanding a deep base of sustainability-focused environmental solutions. Management and Kinderhook prioritized strategic investments focused on sustainability-oriented waste solutions that enhanced processing and recovery capabilities across Circon’s network of CWTs, TSDFs, and Advanced Processing Facilities.
“It’s been a great ride,” said Corwynne Carruthers, Managing Director at Kinderhook. “We had an incredibly strong management team led by Frank Iezzi and Joe Brunetti who guided us through a period of rapid growth in the business. Our ability to aggressively complete a buy and build strategy while achieving outsized organic growth made this a very exciting platform for Kinderhook.”
Circon’s geography grew over the last eight years to encompass an entrenched and highly permitted network of facilities across the Midwest, Southeast, and Gulf Coast. Most importantly, throughout an extended period of rapid growth, Circon’s management team prioritized employee safety and customer experience with a deep expertise in sustainability-oriented environmental solutions. Across Circon’s customer base, the Company helped drive achievement of ESG goals highlighted in several Fortune 500 companies’ sustainability reports. The Company was a true first mover in the world of repurposing, recovering, and recycling non-hazardous and hazardous waste materials into high value alternative fuels and co-products.
“Looking ahead, we are excited to continue to invest capital into a market that values and prioritizes sustainability focused waste solutions,” said Rob Michalik, Managing Director at Kinderhook. “Our experience owning Circon over the last eight years has been fantastic. We invested a substantial amount of capital to grow wastewater and waste processing solutions through investments in permits as well as technology with a core focus on ESG. The customer response has been tremendous and the subsequent growth has enabled us to drive a great outcome for our limited partners in the sale to Covanta.”
Kirkland & Ellis LLP is serving as legal advisor to Circon and Kinderhook. Brown Gibbons Lang (BGL) & Company and Houlihan Lokey are serving as financial advisors to Circon and Kinderhook. Twin Brook Capital Partners led Circon’s credit facility.
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