Partnership will accelerate and expand its position as a leader in environmental services and introduce a broad-based employee ownership program
Triumvirate Environmental, a leading provider of environmental services, today announced a significant growth investment from Berkshire Partners (“Berkshire”), alongside Triumvirate Environmental’s founder and CEO, John McQuillan, and the company’s team. McQuillan and the team will remain in their current roles. The new partnership will allow Triumvirate Environmental to expand into new regions, add new service lines, and further enhance its already leading technology capabilities. The partnership will also establish a broad-based employee ownership program for Triumvirate Environmental team members. The investment valued the business at $1.8 billion, while other financial terms were not disclosed.
“Triumvirate Environmental has built a 40-year reputation for delivering a differentiated approach, combining environmental advisory with hazardous and other regulated waste handling services to provide an end-to-end solution for customers, particularly in the biopharmaceutical, biotech, and advanced manufacturing spaces, which are focused on achieving ambitious sustainability goals and reducing landfill use,” said Dave Bordeau, Managing Director, Berkshire Partners.
“Part of what makes Triumvirate Environmental so special is its team-oriented culture. We feel privileged that John and the team entrusted Berkshire as a culturally aligned partner in this next chapter for the company,” added Spencer Murray, Principal, Berkshire Partners.
“It was clear Berkshire was the right partner for us given their long history of helping market leaders accelerate growth and their constructive, supportive approach with management teams,” said John McQuillan, Triumvirate Environmental’s Founder and CEO. “Through additional capital, resources, and strategic acquisitions, we are poised to expand our offerings and capabilities, adding additional recycling and disposal assets, new lines of service, and enhanced technology capabilities, which will all further enhance the value we deliver for customers.”
Triumvirate Environmental provides innovative and sustainable environmental solutions to leading companies in the life sciences, healthcare, education, and industrial markets. The company’s highly trained experts help organizations reduce waste, save money, stay safe and compliant, manage risk, and protect their reputation. Triumvirate Environmental has a unique offering that manages waste generation through a closed loop vs. a linear disposal strategy, which allows for more waste-to-energy and recycling, and less waste in landfills. This innovative approach can help organizations achieve their overall sustainability objectives. The investment from Berkshire will enable Triumvirate Environmental to expand geographically through acquisitions and new site openings.
As part of Berkshire’s investment, Triumvirate Environmental is also establishing a broad-based employee ownership program to reward its team members for their hard work and dedication, which has contributed to Triumvirate Environmental’s formidable reputation in the environmental services sector.
“We are big believers in broad-based employee ownership programs. Triumvirate Environmental’s 1,600 team members already think and act like owners, which is partly why they have been so successful, and this new program aims to reward them accordingly,” said Mike Ascione, Managing Director at Berkshire Partners.
Raymond James acted as the exclusive financial advisor to Triumvirate Environmental, and Stifel served as the exclusive financial advisor to Berkshire Partners. ArentFox Schiff provided legal counsel to Triumvirate Environmental, and Ropes & Gray provided legal counsel to Berkshire Partners.
