LANGAN ANNOUNCES PARTNERSHIP WITH TOWERBROOK CAPITAL PARTNERS

Premier National Firm Brings on Strategic Minority Investor

PARSIPPANY, N.J., Oct. 26, 2023 /PRNewswire/ -- Langan Engineering & Environmental Services ("Langan") today announced that investment funds managed by TowerBrook Capital Partners ("TowerBrook"), the New York and London-based international investment firm, have entered into a definitive agreement for a minority investment in the company. Under the terms of the agreement, Langan's management and employee shareholders will maintain majority ownership and control of the company.

This partnership aligns with Langan's strategic vision to further propel the growth and success of the company by adding TowerBrook's sophisticated financial and business-operations expertise and resources. The investment will enable strategic and operational enhancements to provide elevated service to Langan clients while creating career growth opportunities for Langan staff.

"Over the years, many investors have expressed great interest in Langan, and we have evaluated multiple options during this process. We found TowerBrook's reputation and resources best suited to help Langan achieve our strategic goals," said David T. Gockel, President/CEO of Langan. "TowerBrook excels at partnering with professional services firms. They understand the value of our people and our culture, which differentiated TowerBrook from the other investors that were under consideration."

"We are thrilled to partner with Langan, a firm whose growth and success have been impressive," said Walter Weil, Managing Director, TowerBrook. "Our objective is to support Langan's strategy to further expand its operations and capabilities."

Blackstone Credit, CPPIB Credit Investments III Inc. (a subsidiary of CPP Investments), and SMBC provided additional financing in support of the transaction.

Houlihan Lokey Capital, Inc. served as the lead financial advisor and placement agent with support from Baird. Cleary Gottlieb Steen & Hamilton LLP provided legal counsel to Langan. Kirkland & Ellis LLP provided legal counsel to TowerBrook.

The transaction is expected to close in the first quarter of 2024. Financial terms of the transaction were not disclosed.

About Langan
Langan (www.langan.com) provides comprehensive environmental and engineering consulting services to a broad array of clients on a national and international scale. Founded in 1970, Langan employs 1,600 professionals and has 38 offices throughout the U.S., including New Jersey, New York, Florida, Texas, California, Pennsylvania, Connecticut, Massachusetts, Virginia, Washington, DC, Ohio, Illinois, Tennessee, North Carolina, Arizona, Colorado, Utah, and Washington.

Langan International, the firm's wholly owned subsidiary based in New York, has five offices in Athens, Dubai, Calgary, London, and Panama.

Consistently ranked among the top "Best Firms to Work For" (Zweig White), and among top 50 firms worldwide (Engineering News-Record), Langan prioritizes health and safety; embraces and promotes diversity and inclusion; encourages volunteerism and philanthropy; and operates as a carbon-neutral business.

About TowerBrook
TowerBrook Capital Partners is a purpose-driven, transatlantic investment management firm that has raised in excess of $22.8 billion to date. As a disciplined investor with a commitment to fundamental value, TowerBrook seeks to deliver superior, risk-adjusted returns to investors on a consistent basis, guided by TowerBrook Responsible Ownership^TM principles which are central to the firm's value creation strategy. TowerBrook partners with talented, experienced managers and senior advisors who share the firm's values and support its investment objectives, providing capital and resources to transform the capabilities and prospects of the businesses in which it invests, driving better outcomes for all stakeholders. TowerBrook takes an entrepreneurial, multinational, single-team approach and since inception in 2001, has invested in more than 90 companies on both sides of the Atlantic. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in its commitment to environmental, social and governance (ESG) standards and responsible business practices.

For more information, please visit www.towerbrook.com

SOURCE Langan Engineering & Environmental Services