Blue Point Capital Partners Acquires LVI Services.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 11, 2002 Blue Point Capital Partners today announced that it has acquired LVI Services, the country's largest and only national environmental service firm specializing in the remediation of hazardous materials, such as toxic mold, asbestos and lead-based paint as well as nuclear facility and power plant decontamination decontamination /de·con·tam·i·na·tion/ (de?kon-tam-i-na´shun) the freeing of a person or object of some contaminating substance, e.g., war gas, radioactive material, etc. de·con·tam·i·na·tion n. , support of facility closure and demolition services. Blue Point and LVI management provided the equity for the transaction, with lead debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay provided by Dymas Capital Management and Falcon Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and . "We look forward to partnering with LVI's management team to strengthen the company's position as the leading specialty contractor in the environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, industry," said Sean Ward, principal at Blue Point. "We plan on capitalizing on the Company's proven track record of success, growth and customer service to expand our platform into both new services and new geographies." LVI is the nation's leading provider of a wide array of integrated facility services, including environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a , demolition and related services for commercial, industrial, multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. and governmental facilities. In addition, the Company is one of the largest participants in the growing toxic mold remediation and lead-based paint abatement industries. LVI is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and has over 20 offices across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with revenues of over $150 million. "In the past 5 years, LVI has grown to become the largest provider of asbestos abatement Noun 1. asbestos abatement - the removal of asbestos from a public building abatement of a nuisance, nuisance abatement - (law) the removal or termination or destruction of something that has been found to be a nuisance services in the United States, with revenues greater than its five largest competitors combined," said Burton T. Fried, president of LVI. "LVI continues to meet the requirements of excellence in performance by providing the lowest prices, on-schedule performance and quality services while offering multi-facility services to its clients throughout the United States. We welcome the support of our new equity investors and lenders and the management team looks forward to working with them to continue to grow our business and expand our services." LVI was advised in this process by the investment banking firm of Houlihan Lokey Howard & Zukin. Blue Point, with offices in Cleveland, Seattle and Charlotte, is one of the largest private equity firms in each of its target markets and principally focuses on investments in manufacturing, distribution and service businesses that address industrial and consumer markets. Blue Point has extensive experience in identifying, evaluating and successfully completing a variety of private equity investment transactions including: management buyouts, corporate divestitures, recapitalizations, expansion and growth financings and industry consolidations. The principals of Blue Point have completed over 60 investments with a total invested value of more than $500 million. |
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