CHICAGO and SIGNAL HILL, Calif., Jan. 27, 2015 /PRNewswire/ -- Sterling Partners, a leading growth-oriented private equity firm with approximately $5 billion of assets under management, announced today the sale of its portfolio company GEM Mobile Treatment Services (GEM), a leading provider of engineered environmental remediation solutions for vapor control and wastewater treatment needs in the petroleum, petrochemical, environmental and energy industries, to Evergreen Industrial Services (Evergreen). Evergreen provides a comprehensive range of industrial cleaning services for oil refineries, petrochemical plants, power generation plants, manufacturing sites and mills. Financial details surrounding the transaction were not disclosed.
"Since partnering with Sterling to scale our business, we've built GEM to be a market leader that provides critical engineered solutions to our customers," said GEM founder and COO Paul Anderson. "We're excited to continue serving our customers in partnership with Evergreen."
Anderson will assume leadership of GEM from Steve Ragiel, who has served as CEO since 2012. "Sterling's capital investment, understanding of this niche market and experience working with founder-led businesses has enabled GEM's management team to broaden the Company's service offerings and expand into new markets," Ragiel said. "Due to the unique solutions we offer and the strategic plan we've developed, GEM is positioned to keep growing under Paul's leadership as it enters this next phase."
Founded in 1994, GEM provides innovative vapor and water processing and treatment technologies on either a mobile or fixed basis to solve routine or complex treatment projects that allow customers to meet or exceed environmental, regulatory and safety standards.
"Sterling's investment in GEM was consistent with our strategy of partnering with founders and backing innovative companies that provide high-quality services in growing industries," said Mike Drai, Principal at Sterling Partners.
Sterling formed its partnership with GEM in 2010, and worked closely with GEM's founder and management team to develop a focused organic growth strategy, implement operational best practices and create systems and procedures to scale services throughout North America from six strategic locations within the United States.
With this sale, Sterling has successfully exited four companies within its active industrial, commercial and energy services portfolio. Sterling focuses on partnering with business services companies in the logistics, financial services, and industrial, commercial and energy sectors that consistently increase efficiency, improve quality and mitigate risk.
About GEM Mobile Treatment Services
GEM Mobile Treatment Services, Inc. (GEM) provides comprehensive services to the petroleum, petrochemical, environmental and energy industries. Their services include mobile vapor control and tank degassing, mobile turnaround and marine services, mobile wastewater treatment services, as well as emissions monitoring and environmental compliance reporting. GEM offers vapor control technology such as vapor combustion, liquid scrubbing and carbon adsorption. They provide services throughout North America from six locations in the United States. Learn more about GEM by visiting http://www.gem-mobile.com.
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company's stated purpose: INSPIRED GROWTH®, which describes Sterling's approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on partnering with like-minded founders and entrepreneurs and investing growth capital in small and mid-market companies in industries with positive, long-term trends including healthcare, education and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm's offices in Chicago, Baltimore and Miami.
The people at Sterling believe in ideas and ideals, in people and partnerships that drive long-term success. For more information, please visit www.sterlingpartners.com.
About Evergreen Industrial Services
Evergreen was founded in 2000 by Jon Hodges and is owned by Platform Partners, a Houston-based private investment company, Mr. Hodges, and Evergreen's management team. Evergreen is an environmental industrial services company with over 600 highly-trained employees located near client facilities throughout the Gulf Coast, Midwest and West Coast of the United States. Evergreen provides project management, onsite wastewater treatment, vapor control and industrial cleaning services including hydro-blasting, vacuuming, chemical cleaning, tank cleaning and waste handling to a wide range of processing plants, heavy industrial and commercial facilities. Learn more about Evergreen by visiting http://www.evergreenes.com.
SOURCE Sterling Partners