ICV Partners Acquires Leading Residential Asbestos Abatement Service Provider in California

MIAMI, Jan. 27, 2025 /PRNewswire/ -- ICV Partners, LLC ("ICV"), a leading investment firm and capital partner to lower middle market companies, has acquired a significant ownership interest in Environmental Remedies, LLC ("ERI"), a leading asbestos abatement service provider in the State of California.

Founded in 2004, ERI specializes in providing high-quality asbestos abatement services for remediation companies, insurance companies, and homeowners across the State of California.  ERI has built its success by focusing on the non-discretionary demand drivers of fire and water damage and by being the go-to abatement partner in the industry.

"ICV is a great fit for the vision we have for ERI. ICV can help us accelerate the build-out of our infrastructure, develop our talented leadership team further, and enhance our operational capabilities. We specifically selected ICV as our partner because of their experience with family-owned and founder-led companies. They have a successful track record of helping entrepreneurs, like us, scale their business," said Scott Tamayo, ERI's Chief Executive Officer.

"ERI is an investment in the residential services space after extensive research and evaluation of numerous investment opportunities.  ERI's focus on the restoration and insurance end markets is a strong fit with our investment strategy of backing essential service providers whose services are non-discretionary," said Jermaine Warren, Managing Director at ICV Partners.  Mr. Warren added "In ERI, we believe we have partnered with the leading asbestos abatement service provider in California, favorably positioned and poised to capitalize on both organic and inorganic growth opportunities." 

Brad Steinle, President of ERI said "with ICV's support, we will enhance our operational capabilities, invest in our team, and expand our market presence."  ERI plans to accelerate its growth through geographic expansion and acquisitions, while leveraging ICV's expertise and resources.

ICV was advised by Baird with legal representation from Akin Gump Strauss Hauer & Feld LLP.  ERI was advised by Intrepid Investment Bankers with legal representation from Greenberg Glusker LLP. Stellus Capital Management provided financing for the transaction.

About ICV Partners
Founded in 1999, ICV Partners (ICV) is an experienced private equity firm that supports the management of lower middle market companies to facilitate transformational growth. ICV's Senior Investment Team has worked together for many years and crafted a strong track record of helping companies improve performance over the long term and across a variety of industries. ICV seeks to make control investments in strong businesses with $25 million to $250 million in revenue. ICV recently celebrated its 25th year anniversary. Additional information is available at www.icvpartners.com.

About Environmental Remedies, LLC.
Environmental Remedies, LLC (ERI) is California's leading residential asbestos abatement service provider. Operating in the Bay Area, San Diego, and the Inland Empire, ERI is committed to delivering safe, high-quality services to restoration companies, insurance companies, and homeowners, ensuring safety, compliance, and quality.

Media Contact:
ICV Public Relations
[email protected]

SOURCE ICV Partners