Liquid Environmental Solutions Secures $31.6 Million Investment for Growth Initiatives
Irving, Texas. – June 30, 2014 – Liquid Environmental Solutions (“LES”), the nation’s largest exclusively non-hazardous liquid waste services company, today announced a $31.6 million Series C minority growth investment led by ABS Capital Partners, a leading investor in later-stage growth companies. LES will use the funds to continue their growth, with targeted acquisitions and greenfield expansion of their national wastewater collection, treatment and recycling network to complement their double-digit annual organic growth. Following the financing, ABS Capital Managing General Partner Phil Clough will join the Company’s Board of Directors.
Bruce Ranck, the Chairman of the Board of LES, commented: “Liquid Environmental Solutions is growing rapidly, driven by the increasing focus of our customers and government regulators on proper management and environmentally responsible reuse of wastewater. LES looks forward to partnering with ABS Capital to support our continued growth initiatives.”
Alan Viterbi, CEO and co-founder of LES, went on to explain that: “LES provides a best-in-class solution that protects our client’s valuable wastewater systems and further recycles nearly 95% of their non-hazardous liquid waste. This growth capital will accelerate the expansion of our national wastewater collection and treatment recycling network. Our team looks forward to creating new solutions for our customers in both our core Commercial and Industrial lines of business.”
LES, founded in 2002 and based in Irving, Texas, is currently the largest collector of grease trap waste and one of the largest operators of non-hazardous wastewater treatment facilities in the United States. The Company specializes in collecting and treating a variety of commercial and industrial liquid waste streams, and extracting and recycling fats, oils and grease for beneficial reuse. LES has developed a strong brand built through a track record of compliance and dependability for over ten years as a provider of reliable, comprehensive and essential liquid waste management solutions that enable its customers to comply with federal, state, and local environmental regulations. The Company operates a fleet of over 150 state-of-the-art vacuum trucks and tanker-trailers and fully manages its customers’ nonhazardous wastewater treatment and disposal. LES conducts business across 49 states with one million gallons of liquid waste recycled daily and over two million gallons of oil and grease recovered and resold to the fuel and biodiesel markets annually across the Company’s network of 14 wastewater treatment plants.
Viterbi also commented on the selection of ABS Capital Partners: “We determined that ABS Capital Partners offered LES the strongest value proposition of growth capital with insightful leadership. We are gaining a true partner in the business and are excited that Phil Clough will be joining our Board of Directors.”
“Liquid Environmental Solutions is already the industry leader in non-hazardous wastewater and is well-recognized for its environmental stewardship,” said Clough. “This is an outstanding opportunity to work with a strong, entrepreneurial management team and help them to continue to execute on their growth strategy.”
In addition to ABS Capital, several non-employee members of LES’ Board of Directors participated in this current investment round. LES CEO Viterbi noted that. “We have been very fortunate to be guided since the beginning by a world class Board of Directors. I am grateful for their continued leadership and for their desire to be a part of this $31.6 million investment to accelerate our growth.”
Wedbush Securities, headquartered in Los Angeles, served as the exclusive financial advisor to LES in connection with the financing.