Blue Sage Capital announced today that it has completed the sale of one
of its portfolio companies, R360 Environmental Solutions, to Waste
Connections, Inc. (NYSE: WCN).
R360, headquartered in Houston, Texas, is a leading provider of
non-hazardous oilfield waste treatment, recovery and disposal services
in several of the most active natural resource producing areas in the
United States, including the Permian, Bakken, and Eagle Ford Basins.
R360 operates 26 facilities across Louisiana, New Mexico, North Dakota,
Oklahoma, Texas, and Wyoming.
Blue Sage has had a longstanding commitment to the oilfield waste
treatment sector. The firm previously owned Controlled Recovery, Inc.
(CRI), which was acquired by R360 in 2010. Peter Huff, Co-Founder and
Managing Member of Blue Sage, served on the R360 Board of Directors and
helped steer R360, utilizing his significant experience from CRI. Peter
said, “We have been active owners in this market since 2006. Our
businesses have steadily grown during this time. This transaction will
deliver exceptional returns to our investors.”
Blue Sage does not disclose its returns; however, publicly available
information puts the sale price at more than $1.3 billion. Blue Sage
typically invests approximately $10 million in each portfolio company.
This transaction marks Blue Sage’s second exit in the last three months.
Blue Sage also sold Ashbrook-Simon Hartley, a leading wastewater
Blue Sage and other stakeholders were advised by Goldman Sachs, Bank of
America Merrill Lynch, Credit Suisse, Citibank, and Wells Fargo during
the sale process.
About Blue Sage Capital
Blue Sage Capital is an Austin, Texas-based private equity firm
specializing in growth, recapitalization and buyout financings of
smaller middle market companies based in Texas and the Southwest. Most
of Blue Sage’s investments are in established, profitable companies with
$5 million to $100 million of revenue and $2 million to $8 million of
cash flow at the time of investment. Blue Sage invests in a variety of
industries, with each initial investment typically ranging from $10
million to $15 million.