Goldman Sachs Alternatives announced an agreement by its infrastructure team to acquire non-hazardous liquid waste management services provider Liquid Environmental Solutions (LES), from Boston-based investor Audax Private Equity.
Founded in 2002, Texas-based LES manages non-hazardous liquid waste for clients across sectors including restaurant, grocery chain, hospitality, education, and environmental services across the U.S. The company collects, treats, and recovers materials from liquid waste sources including grease traps, oil water separators, used cooking oil and other non-hazardous liquid waste from a network of 64 service locations and 26 treatment and processing facilities.
LES was acquired by Audax in 2017, and has nearly doubled its footprint since the acquisition through investments in its team and operational infrastructure, as well as 13 acquisitions focused on driving geographic growth and entry into adjacent services. Goldman Sachs said that it will continue to support LES’ growth “both organically and inorganically.”
Jerry Sheridan, CEO of Liquid Environmental Solutions, said:
“The LES team is thrilled for this next chapter of growth alongside the Goldman Sachs Alternatives platform. LES is committed to delivering best-in-class service for our customers and communities, and the partnership with Infrastructure at Goldman Sachs Alternatives will accelerate our growth and investment in both existing and new infrastructure.”
Describing LES as “a leading national service provider within the circular economy,” Goldman Sachs Alternatives highlighted the acquisition’s fit within its infrastructure franchise’s focus on its four key themes of circular economy, digital infrastructure, energy transition, and transportation & logistics.
Cedric Lucas, Partner in Infrastructure at Goldman Sachs Alternatives, said:
“This investment highlights the strength of our circular economy practice and our differentiated expertise, track record, and sourcing capabilities in the sector. We plan to invest in organizational, technology, and operational initiatives that will further enhance LES’ capabilities and benefit its customers, communities and other stakeholders.”
