Cronus Partners LLC is pleased to announce that it acted as exclusive financial advisor to Source Environmental, Inc. (dba AET Environmental), a full-service environmental firm specializing in hazardous and industrial waste disposal, in-plant support and remediation, and training and compliance, in AET’s acquisition by Heritage-Crystal Clean, a publicly traded, national leader in the environmental services market, providing parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily focused on small and mid-sized customers.
Lori DeVito, President of AET Environmental, commented, “I am confident that the selection of Cronus was an excellent choice to partner with us in our selection process, helping us discern the perfect Company to carry on the AET legacy. Cronus exceeded my expectations in every way and provided me the peace of mind that we received the best proposal possible for our company’s new chapter.”
Paul Nowak, Managing Director at Cronus, added, “We were very pleased to have the opportunity to represent, and sincerely enjoyed working with, the owners of AET throughout this process. We were able to leverage our extensive network and decades of collective experience within the environmental services industry to facilitate a positive outcome for both our client and the acquiror. Crystal Clean is buying a great company, and Frank Virginia and the AET team will continue to build upon AET’s 25-plus years of serving industrial and government clients under the Crystal Clean umbrella.”
AET Environmental, founded in 1993 and originally established to assist small manufacturers in disposing of their hazardous waste, has transitioned into a full service environmental firm specializing in three areas of environmental services throughout the U.S.: hazardous and industrial waste disposal for manufacturing, health care, hotels, and R&D labs; in-plant support and remediation for plant shut downs, lab packs, lab decontamination, and tank cleaning; and training and compliance for RCRA site services, compliance audits, waste water sampling, and training. Headquartered in the Rocky Mountains, with regional service centers in Salt Lake City, UT; Dallas, TX; and Las Vegas, NV, its clients include federal, state and municipal government, manufacturing and industry, research and analytical laboratories, engineering firms, hospitals, gaming industry, school districts, universities, commercial services, and utilities.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily to small and mid-sized manufacturers and other industrial businesses as well as customers in the vehicle maintenance sector. Its service programs include parts cleaning, containerized waste management, used oil collection and re-refining, wastewater vacuum, waste antifreeze collection, recycling and product sales, and field services. These services help its customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Its customers include small-to-medium sized manufacturers, such as metal product fabricators and printers, and other industrial businesses as well as businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms. Through its used oil re-refining program during fiscal 2020, the company recycled approximately 61 million gallons of used oil into high quality lubricating base oil, and the company is a supplier to firms that produce and market finished lubricants. Through its antifreeze program during fiscal 2020 the company recycled approximately 3.7 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through its parts cleaning program during fiscal 2020 it recycled 4 million gallons of used solvent into virgin-quality solvent to be used again by its customers. Through its containerized waste program during fiscal 2020 the company collected 20 thousand tons of regulated waste which was sent for energy recovery. Through its wastewater vacuum services program during fiscal 2020 the company treated approximately 52 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 90 branches serving approximately 92,000 customer locations.
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Cronus Partners LLC
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