Houston, Texas – June 20, 2016 – Platform Partners, LLC (“Platform”), a private investment firm based in Houston, Texas, announced it has completed the sale of Evergreen Industrial Services (“Evergreen”) to funds managed by The Sterling Group. Headquartered in La Porte, TX, Evergreen is a leading provider of industrial cleaning solutions to the downstream and midstream energy sectors.
“Evergreen is a perfect example of Platform’s investment strategy – to partner with exceptional entrepreneurs to build industry leaders and create value for all the shareholders,” said Brad Morgan, Executive Vice President and COO of Platform Partners. “Jon Hodges, Evergreen’s founder and CEO, built an industry leading, best-in-class business, and we would like to thank Mr. Hodges and the entire management team for their efforts in building the company over the last five years.”
Since Platform invested in Evergreen, the business has more than tripled in size through organic growth and the strategic acquisition of GEM Mobile Treatment Services. In partnership with Mr. Hodges, the company added a number of talented managers to an already strong core group of employees. Significant investments in people, equipment and systems were made, allowing Evergreen to capitalize on its unparalleled reputation to build a leading Gulf Coast focused industrial cleaning company. Platform will continue to own a minority interest in the company and looks forward to its partnership with The Sterling Group and continuing relationship with Mr. Hodges and the Evergreen team.
Jon Hodges commented: “We thank Platform for their contribution to our company’s growth. With a shared focus on safety, customer service and investments in our people and infrastructure, our partnership was a resounding success. We look forward to working with Sterling to further support our next phase of growth.”
BlackArch Partners acted as financial advisor to Evergreen in connection with the transaction, and Locke Lord LLP served as legal advisor.
About Evergreen Industrial Services
Evergreen is a leading provider of environmental and industrial cleaning solutions to the downstream and midstream energy sectors. Through a customer-centric culture and the deep-rooted principles of safety, integrity, accountability and adaptability, Evergreen is a trusted partner to many of the largest and most discerning energy companies in North America, and is one of the fastest growing companies in its field. Evergreen is a leader in each of its respective service lines, including Vapor Control, Chemical Cleaning, Tank Cleaning, Water Treatment, Vacuum Services, Hydroblasting, Hydroexcavation, and Industrial Logistics & Transportation, and can deliver these services on a stand-alone basis or as part of a multi-service, highly integrated solution. For more information, please visit www.evergreenes.com.
About Platform Partners LLC
Founded in 2006, Platform Partners LLC is a private investment company based in Houston that makes investments in lower middle-market companies with the intent of growing these businesses into industry leaders through a combination of organic and acquisition growth. Platform invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build companies. For more information, please visit www.platformllc.com.