Goldman Sachs Alternatives has announced an agreement for its infrastructure team to acquire Liquid Environmental Solutions (LES), a provider of non-hazardous liquid waste management services, from Boston-based investor Audax Private Equity.
Founded in 2002, Texas-based LES manages non-hazardous liquid waste for clients in sectors such as restaurants, grocery chains, hospitality, education, and environmental services across the United States. The company handles waste collection, treatment, and material recovery from sources including grease traps, oil-water separators, and used cooking oil, operating through a network of 64 service locations and 26 treatment and processing facilities.
Audax acquired LES in 2017, and the company has since nearly doubled its footprint through investments in its team and operational infrastructure, alongside 13 acquisitions aimed at geographic expansion and entry into adjacent services. Goldman Sachs has expressed its commitment to supporting LES’s growth both organically and through acquisitions.
Jerry Sheridan, CEO of Liquid Environmental Solutions, expressed enthusiasm for the partnership with Goldman Sachs Alternatives, highlighting the potential for accelerated growth and infrastructure investment. Goldman Sachs described LES as a leading national service provider within the circular economy, aligning with its infrastructure franchise’s focus on circular economy, digital infrastructure, energy transition, and transportation and logistics.
Cedric Lucas, Partner in Infrastructure at Goldman Sachs Alternatives, noted the investment underscores their expertise in the circular economy sector. He indicated plans to invest in organisational, technological, and operational initiatives to enhance LES’s capabilities, benefiting customers, communities, and stakeholders.
