Grows portfolio with leading provider of environmental services and byproduct recycling to the power industry
LOUISVILLE, KY and REDWOOD CITY, CA / ACCESSWIRE / July 13, 2023 / Charah Solutions, Inc. (the Company) today announced the completion of its acquisition by funds managed by SER Capital Partners (SER), a private investment firm dedicated to sustainable investments, making it a portfolio company held by SER.
Sara Graziano, SER Partner & Investment Committee Chair, said, "We invest in people and businesses that contribute to a sustainable future. The Charah Solutions team shares our vision to realize this goal for itself and its customers. We are committed to continue its long-term success remediating environmental risks, recycling what was once considered unrecyclable, and delivering innovative and advanced environmental solutions. We look forward to working closely with Charah's outstanding management team and nearly six hundred employees, to serve its many customers."
Charah Solutions President and Chief Executive Officer Jonathan Batarseh added, "With its extensive utility industry experience and strategic and financial resources, SER is a great partner for Charah Solutions. As part of SER's portfolio, we gain from its ongoing support and industry-leading offerings, which will enable us to provide even more value to our customers. I thank our many employees for their hard work and commitment to the Company. I am excited for the Charah team and our customers as we position the Company with the necessary resources to embark on a new chapter of growth and success at Charah Solutions."
On April 17, 2023, the Company and certain affiliates of SER entered into an Agreement and Plan of Merger (the "Merger Agreement") to acquire the Company for consideration of $6.00 per share of common stock. In addition, each issued and outstanding share of Series A preferred stock was redeemed at 100% of its liquidation preference plus all accrued and unpaid dividends thereon as of the effective time, and Series B preferred stock was redeemed at 100% of its liquidation preference. Stockholder approval was received on July 12, 2023, and all other closing conditions under the Merger Agreement have been met or waived.
The Company's 8.50% Senior Notes due August 31, 2026 remain an obligation of Charah Solutions, as a wholly owned subsidiary of SER. Charah Solutions plans to adhere to the terms of and the obligations on the bonds, including the interest payments that are paid quarterly in arrears on January 31, April 30, July 31 and October 31.
Advisors in the transaction: Willkie Farr & Gallagher LLP and Houlihan Lokey represented the Company. SER was represented by Jones Day and Guggenheim Securities, LLC.
About SER Capital Partners
SER Capital Partners is an independent, middle-market private equity firm dedicated to investing in North American sustainable industrial, environmental, and renewable businesses. Over the past two decades, its team members have amassed successful experience in its targeted sectors as private equity investors and senior executives at both private and public businesses. The firm's strategy is to actively create attractive investments underpinned by critical assets while also authentically measuring and improving key sustainability metrics in line with the UN Principles for Responsible Investing. SER is also committed to aligning interests across its investors, team members, portfolio company management teams, and communities. More information is available at www.sercapitalpartners.com.
About Charah Solutions, Inc.
With more than 35 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct recycling to the power generation industry. Based in Louisville, Kentucky, Charah Solutions is the partner of choice for solving customers' most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing greenhouse gas emissions for a cleaner energy future. Charah Solutions assists utilities and independent power producers with all aspects of sustainably managing and recycling ash byproducts generated from the combustion of coal in the production of electricity. The Company also designs and implements solutions for ash pond management and closure, landfill construction, structural fill projects, power plant remediation and site redevelopment. As a sustainability leader, Charah Solutions is dedicated to preserving our natural resources in an environmentally conscious manner and is focused on developing innovative solutions for the betterment of the planet, the communities in which it operates and its customers. For more information, please visit www.charah.com.
CONTACTS
| SER Capital Partners Contact | Charah Solutions Investor Contact | IR Agency Contact |
| Gil Melman | Joe Skidmore, CFO | Kirsten Chapman |
| SER Capital Partners | Charah Solutions | LHA Investor Relations |
| (713) 304-2396 | (502) 245-1353 | (415) 433-3777 |
| [email protected] | [email protected] | [email protected] |
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," "guidance," and similar terms and phrases. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. See the Company's Form 10-K for the year ended December 31, 2022 and other periodic reports as filed with the Securities and Exchange Commission for further information regarding risk factors.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE: Charah Solutions, Inc.
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