NEW YORK, February 24, 2004 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) announced today the completion of a minority equity investment in Heritage Crystal-Clean, LLC (“HCC”). HCC intends to use the proceeds of this investment to support the continued expansion of its business, including acquisitions and the opening of new branch locations.
“We felt that the long-standing interest BRS has shown in our industry, combined with their track record of success supporting high-growth enterprises, makes them an outstanding financial partner for HCC,” said Joe Chaloub, HCC’s president and CEO. “In addition, BRS has a large capacity for additional investment, which could help HCC take advantage of future business opportunities,” said Chalhoub.
HCC, headquartered in Elgin, Illinois, is a privately-held marketing and sales company that concentrates on servicing the automotive repair, commercial and industrial marketplaces in 33 states. In so doing, it provides parts cleaner services and other fluid supply and waste collection services to thousands of small to medium-size customers. In the future, HCC will continue to serve these customers with their solvent needs, while expanding its operations across the United States.
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in over 20 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services (including equipment rental), commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization/restructuring and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in their businesses.