CenterOak Partners LLC, a Dallas-based private equity firm, announced on Dec. 15 that its Browns Summit, North Carolina-based portfolio company, Shamrock Environmental, has acquired Virginia American Industries (VAI). VAI is a Richmond, Virginia-based regional provider of nonhazardous wastewater treatment services, operating through centralized wastewater treatment (CWT) facilities in Florida and Virginia under the Aqua Clean and Reco trade names, respectively. Terms of the transaction were not disclosed.
Shamrock, which was formed in 1994, provides nonhazardous wastewater treatment and related industrial services to customers in diverse end markets across the Southeast. The company is led by CEO Greg Kiser, who has over 20 years of service at Shamrock.
This transaction represents Shamrock’s first acquisition since CenterOak completed a majority investment in January. According to Shamrock, the deal approximately doubles the company’s regional presence. Following the acquisition, Shamrock will be one of the largest providers of nonhazardous wastewater treatment in the U.S. by volume processed, according to the company.
“CenterOak has a longstanding history of investing in closely held businesses,” Randall Fojtasek, CEO and managing partner at CenterOak, says. “As a first-time institutional capital provider for the company, we are well-suited to support Shamrock’s growth in the highly fragmented and attractive environmental services industry.”
“We developed a thesis around the mission-critical role that CWT facilities play in the wastewater treatment process,” Jason Sutherland, managing partner at CenterOak, says. “The acquisition of VAI significantly expands Shamrock’s service footprint by adding permitted treatment capacity in the rapidly growing Southeast region.”
“We are excited to welcome VAI employees and customers to the Shamrock family,” Kiser says. “This transformative acquisition is a great example of why we partnered with CenterOak. Their expertise and resources helped us to complete this transaction efficiently, and we look forward to further expanding our footprint and service offerings in existing and adjacent markets to better serve customers.”