M&A · Industrials · Sanitary Services
J.F. Lehman & Company to acquire Heritage-Crystal Clean, Inc.
Announced Jul 19, 2023 · Closed Oct 17, 2023
Deal value$1.20BEV $1.16B
Premium—To unaffected price
EV / Adj. EBITDA6.8x1.5x EV / Revenue
ConsiderationAll cash$45.50 per share
Transaction
- Acquirer
- J.F. Lehman & Company
- Target
- Heritage-Crystal Clean, Inc.
- Buyer type
- Strategic
- Offer price per share
- $45.50
- Enterprise value
- $1.16B
- Status
- Closed Oct 17, 2023
Deal protections
- Break fee (target pays)
- $42.3M · 3.5%
- Reverse fee (buyer pays)
- $72.6M · 6.0%
- Go-shop
- Go-shop
- Financing
- Committed · Jefferies, SMBC Nikko
Advisors
- To the acquirer
- Not disclosed
- To the target
- William Blair, Stifel
- Stifel fee
- $1.5M
Sector context · Industrials
- Comparable deals
- 70 in the prior 24 months
- Premium
- Sector median 49.0%
- EV / Adj. EBITDA
- 6.8x vs. 11.1x sector median
- Break fee
- 3.5% vs. 2.8% sector median
Timeline
- AnnouncedJul 19, 2023
- Proxy filedAug 10, 2023
- Definitive proxyAug 31, 2023
- Shareholder voteOct 10, 2023
- ClosedOct 17, 2023
Valuation · fairness opinions
Trading comparables$33.43$39.10
Trading comparables$35.89$45.33
Trading comparables$22.35$27.52
Trading comparables$34.32$42.28
Precedent transactions$38.16$46.35
Offer $45.50
Implied value per Heritage-Crystal Clean, Inc. share by analysis, from Stifel.