Goldman Sachs Alternatives to acquire Liquid Environmental Solutions

Infrastructure at Goldman Sachs Alternatives has entered into a definitive agreement to acquire Liquid Environmental Solutions (LES), a U.S. provider of nonhazardous liquid waste management services based in Irving, Texas, from Audax Private Equity.

Founded in 2002, LES manages nonhazardous liquid waste for its blue-chip customer base through a network of scaled infrastructure assets. LES collects, treats and beneficially recovers materials from a variety of liquid waste sources including grease traps, oil water separators, used cooking oil and other nonhazardous liquid waste for the restaurant, grocery chain, hospitality, education and environmental services sectors. The company services its diversified customer base from a network of 64 service locations and 26 treatment and processing facilities strategically located across the U.S.

Infrastructure at Goldman Sachs Alternatives has a long history of partnering with businesses across its four key thematics of circular economy, digital infrastructure, energy transition and transportation and logistics to support growth.

Jerry Sheridan, CEO of LES, says, “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. We look forward to further expanding our non-hazardous liquid waste service network across North America and are excited for the partnership and the years of growth to come.”

Cedric Lucas, partner in Infrastructure at Goldman Sachs Alternatives, adds, “We are excited to partner with Jerry and the entire LES team and to support the business on its continued path for robust and sustainable growth both organically and inorganically. 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.”

The closing of the transaction is subject to the satisfaction of customary closing conditions.

Houlihan Lokey served as lead financial advisor to LES and Audax Private Equity, with Baird serving as co-advisor and Ropes & Gray and Frederikson & Byron acting as legal counsels. Stifel served as financial advisor and Simpson Thacher & Bartlett served as legal counsel for Goldman Sachs Alternatives.