Banking Recap

Heritage-Crystal Clean, Inc. to Be Acquired for $1.20B

This deal is a cash acquisition structured as a take-private by a private equity firm, in which Heritage-Crystal Clean, Inc., a company in the industrials sector, is the target being acquired by J.F. Lehman & Company. The transaction is classified under the M&A product group, with a disclosed deal value of $1,200,000,000.

Aug 24, 2023·SEC EDGAR (8-K)·pending regulatory·cash acquisition (take-private by private equity)

Deal value

The facts block is sourced from a single SEC filing: an 8-K filed with SEC EDGAR and published on August 24, 2023. The deal's current status is pending regulatory approval.

On the financial advisory side, William Blair & Company served as financial advisor to the target, Heritage-Crystal Clean, with no lead designation specified. The source sentence notes that during the deal's "go-shop" period, at the direction of the company's board of directors, Crystal Clean and representatives of William Blair, acting as financial advisor to the company, engaged with or actively solicited alternative acquisition proposals from 53 potentially interested parties regarding a possible alternative transaction to the merger. No financial advisor is disclosed for J.F. Lehman & Company, the acquirer, in the facts block.

No legal advisors were identified in the facts block for this transaction, for either Heritage-Crystal Clean or J.F. Lehman & Company.

Beyond the cash consideration implied by the subtype and the disclosed $1,200,000,000 deal value, as well as the existence of a go-shop period during which 53 parties were solicited, the facts block does not provide further detail such as a per-share purchase price or the outcome of the go-shop solicitation.

Several facts are not disclosed in the source material. No financial or legal advisor is named for the acquirer, J.F. Lehman & Company, and no legal advisor is named for Heritage-Crystal Clean either. The facts block does not state a per-share price, the outcome of the go-shop process, or an expected closing date.