PMCF Advises Abednego Environmental Services in Sale to Nalco Water
Jan 23, 2017
Chicago, Illinois and Southfield, Michigan — January 2017 — P&M Corporate Finance, LLC (“PMCF”) is pleased to announce that it served as the exclusive financial advisor to Abednego Environmental Services, LLC (the “Company” or “Abednego”) in its sale to Nalco Company, a subsidiary of Ecolab, Inc., and a provider of water treatment and process improvement services for industrial and institutional customers.
Founded in 2006 and based in Novi, Michigan, Abednego manages critical processes including air, water and sludge systems in paint booth operations located in manufacturing plants across North America. The Company provides a variety of on-site plant management and consulting services delivering cost and performance efficiencies to its growing blue-chip automotive customer base. Services include total booth management, spray booth water systems, recycled water systems, waste water treatment, boiler and chiller systems, humidification systems and VOC abatement systems, among others.
Okey Lemasters, President of Abednego, remarked, “We are very proud of the success and recognition Abednego has earned over the past decade and are confident Nalco will continue our legacy of optimizing our customers' operations." Mr. Lemasters added, “The wide variety of value-added services Abednego provides, in concert with our skilled team, ideally complements Nalco’s current offerings and accelerates the Company’s growth trajectory.”
PMCF was hired to serve as Abednego’s investment banker and lead the sale process. Mr. Lemasters noted, “We are extremely pleased with our choice to have PMCF lead the transaction process. Their ability to navigate a transaction and serve as trusted advisors to our team proved to be invaluable in the final outcome.”
The transaction closed on January 3, 2017. Bodman PLC served as legal advisor to Abednego.