Triumvirate Environmental, a provider of environmental services, today announced a growth investment from Berkshire Partners, along with Triumvirate Environmental’s founder and CEO, John McQuillan, and the company’s team. And McQuillan and the team will remain in their current roles. The investment valued the business at $1.8 billion.
This new partnership will enable Triumvirate Environmental to expand into new regions, add new service lines, and further enhance its leading technology capabilities. And the partnership will also establish a broad-based employee ownership program for Triumvirate Environmental team members.
Triumvirate Environmental offers sustainable environmental solutions to leading companies in the life sciences, healthcare, education, and industrial markets. And the company’s highly trained experts help organizations reduce waste, save money, stay safe and compliant, manage risk, and protect their reputation. Triumvirate Environmental offers a unique offering that manages waste generation through a closed loop compared to a linear disposal strategy, which enables more waste-to-energy and recycling and less waste in landfills. This approach can help organizations achieve their overall sustainability objectives. This investment from Berkshire will enable Triumvirate Environmental to expand geographically through acquisitions and new site openings.
As part of Berkshire’s investment, Triumvirate Environmental is also establishing a broad-based employee ownership program for rewarding its team members for their hard work and dedication, which has contributed to Triumvirate Environmental’s formidable reputation in the environmental services sector.
Raymond James acted as the exclusive financial advisor to Triumvirate Environmental, and Stifel had served as the exclusive financial advisor to Berkshire Partners. And ArentFox Schiff provided legal counsel to Triumvirate Environmental, and Ropes & Gray provided legal counsel to Berkshire Partners.
KEY QUOTES:
“Triumvirate Environmental has built a 40-year reputation for delivering a differentiated approach, combining environmental advisory with hazardous and other regulated waste handling services to provide an end-to-end solution for customers, particularly in the biopharmaceutical, biotech, and advanced manufacturing spaces, which are focused on achieving ambitious sustainability goals and reducing landfill use.”
- Dave Bordeau, Managing Director, Berkshire Partners
“Part of what makes Triumvirate Environmental so special is its team-oriented culture. We feel privileged that John and the team entrusted Berkshire as a culturally aligned partner in this next chapter for the company.”
- Spencer Murray, Principal, Berkshire Partners
“It was clear Berkshire was the right partner for us given their long history of helping market leaders accelerate growth and their constructive, supportive approach with management teams. Through additional capital, resources, and strategic acquisitions, we are poised to expand our offerings and capabilities, adding additional recycling and disposal assets, new lines of service, and enhanced technology capabilities, which will all further enhance the value we deliver for customers.”
- John McQuillan, Triumvirate Environmental’s Founder and CEO
“We are big believers in broad-based employee ownership programs. Triumvirate Environmental’s 1,600 team members already think and act like owners, which is partly why they have been so successful, and this new program aims to reward them accordingly.”
- Mike Ascione, Managing Director at Berkshire Partners
