3 Rivers Capital has sold Geo-Con Holdings to RAF Industries, Inc.’s Geo-Solutions, Inc.
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Geo-Con Holdings, LLC (“Geo-Con”) has been sold to Geo-Solutions, Inc. (“Geo-Solutions”), a portfolio company of RAF Industries, Inc. Geo-Con was a portfolio company of 3 Rivers Capital (“3 Rivers”). Terms of the transaction were not disclosed.
Founded in 1979, Geo-Con is a leading provider of environmental remediation and geotechnical services. The Company offers a full suite of critical and innovative technical capabilities, including slurry walls, bio-polymer trenches, permeable reactive barriers, soil mixing, grouting, wetlands enhancement and site remediation. Geo-Con maintains a track record of safe, timely and high quality execution in its delivery of value-engineered solutions to public and private sector clients. In addition to its global headquarters in Pittsburgh, Geo-Con maintains regional offices in Florida, Colorado and Philadelphia and has successfully completed over 1,500 projects throughout the U.S., Canada, Japan, Ireland and Australia.
Lincoln acted as a financial advisor to Geo-Con and 3 Rivers, working closely with the management team and shareholders throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
Dale Buckwalter, a Managing Director at 3 Rivers, commented, “Lincoln International’s global marketing effort and unique insights into the potential buyer universe, drawn from several recent transactions in the environmental services space, created an exceptional outcome. Lincoln’s execution expertise, industry and buyer knowledge and process guidance proved invaluable throughout the sale process. Geo-Con’s strong, consistent growth is the direct result of its senior leadership and employees. We are delighted that they have the opportunity to join forces with Geo-Solutions and accelerate the combined entity’s growth trajectory.” Saurin Mehta, Managing Director at Lincoln International, said, “Geo-Con is an outstanding business and niche market leader benefitting from numerous long-term growth dynamics in the environmental services sector. As a result of these dynamics, which include regulation-driven demand, heightened public awareness and a constantly growing emphasis on “green” solutions, among others, the environmental services space will continue to attract significant investment from both the private equity and strategic acquirer communities.”
About 3 Rivers Capital
Founded in 2005, 3 Rivers Capital is a Pittsburgh-based private equity firm which focuses primarily on equity recapitalizations and buyouts of companies with revenues of up to $50 million and EBITDA of up to $7 million. The primary focus is acquiring niche manufacturing and specialty service businesses that present a clear and compelling opportunity to create value. 3 Rivers Capital adds value through active ownership and supportive partnerships for highly motivated management teams.
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