Heritage-Crystal Clean’s $1.2 billion sale to an affiliate of private equity firm J.F. Lehman & Co. is expected to move ahead after the environmental services company received no competing offers.
The transaction, announced July 20, included a “go-shop” provision that allowed for the possibility of competing offers to be submitted by 11:59 pm ET on Wednesday. While Crystal Clean and representatives of its advisor William Blair & Co. “engaged with or actively solicited alternative acquisition proposals from 53 potentially interested parties with respect to a possible alternative transaction to the merger,” the company said no such offers were submitted.
J.F. Lehman intends to acquire all outstanding shares of the company’s common stock for $45.50 per share in cash and take the publicly-traded Crystal Clean private as a result. The Illinois-based company initially went public in 2008 and has grown to become a sizable competitor in multiple categories of the environmental services market.
Crystal Clean expects the deal could close in Q4, pending shareholder approval, antitrust review and other customary conditions.