Heritage-Crystal Clean sale moves forward

HOFFMAN ESTATES - Heritage-Crystal Clean Inc. said Thursday no competing offers have been found to delay its $1.2 billion acquisition by an investment affiliate of J.F. Lehman & Co.

The agreement allowed for a 35-day "go-shop" period in which Heritage could seek competing offers. That period has expired, the company said.

Heritage said its financial representatives engaged with, or actively solicited alternative acquisition proposals, from 53 potentially interested parties. However, no competing transaction to the merger was received.

J.F. Lehman & Co., a leading private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, has agreed through an affiliate to acquire all outstanding shares of Heritage-Crystal Clean common stock for $45.50 per share in cash, or approximately $1.2 billion.

The transaction is expected to close in the fourth quarter of 2023.

Heritage is a leading provider of manufacturing parts cleaning, hazardous and nonhazardous waste services, used oil re-refining, antifreeze recycling, industrial and field services, and emergency and hazardous materials spill response services.