Savage recently sold its EnviroServe business to an affiliate of New York-based private equity firm One Rock Capital Partners, which plans to establish it as an independent company.
Divesting EnviroServe will allow Savage to focus on its industrial infrastructure and agriculture projects, the company said.
“We believe this path will provide the best outcome for both Savage and EnviroServe,” said Kirk Aubry, Savage president and CEO. “We have unprecedented growth opportunities in our infrastructure and agriculture sectors and will focus our resources to safely and sustainably grow with our customers and partners in these two parts of our business.”
Savage’s growth opportunities include expanding its geographic footprint with a focus on strengthening the renewable fuels supply chain, helping customers and railroad partners streamline first- and last-mile rail service, and adding to its port and terminal operations across North America.
With the sale to One Rock Capital Partners, Nathan Savage is retiring as president of Savage’s environmental sector but will continue to lead EnviroServe as CEO to ensure a successful transition for the business. He also will remain on the Savage board, the company said.
“We’ve built a distinctive environmental services business with a strong future, and we’re confident One Rock’s investment in the business will lead to opportunities for the EnviroServe team to grow and thrive,” he said.
EnviroServe provides environmental remediation, waste management, and emergency response services from over 35 locations across the U.S.
“We are pleased to welcome EnviroServe, a business with a longstanding commitment to delivering exceptional results for its customers, to the One Rock portfolio,” said Josh Goldman, partner at One Rock. “Our investment in EnviroServe is a testament to the company’s reputation, its broad operational capabilities and, above all, the hard work and high level of commitment that its more than 550 team members bring to work each day.”