J.F. Lehman to Acquire NRC from Seacor
J.F. Lehman & Company, a middle-market private equity firm focused on the maritime, defense and aerospace sectors, announced today that it has signed a definitive agreement to acquire National Response Corporation and its affiliated businesses NRC Environmental Services and SEACOR Response (collectively "NRC") from SEACOR Holdings Inc. (CKH) (NYSE:CKH). NRC is a provider of United States Oil Pollution Act of 1990 regulatory compliance and emergency response services, one of the leading environmental contracting firms on the U.S. West Coast, and a global provider of diversified environmental, industrial, and emergency response solutions. Headquartered in Great River, NY with regional offices throughout the U.S. and internationally, NRC has approximately 540 employees.
Steve Candito, who will be CEO of the independent company after closing, commented: "This transaction will provide the best of both worlds for NRC's clients and employees. We are excited to integrate all of our businesses in the U.S. and internationally under the well-recognized NRC brand and be partnering with JFLCO. JFLCO's successful history of investing in the maritime market, strong financial standing, and desire to accelerate NRC's growth is expected to result in expanded geographic coverage, new services, and additional resources for NRC's clients. We look forward to maintaining our relationship with SEACOR, including priority access to its fleet of vessels and helicopters. NRC's customers can expect the same quality service they have received for the past 20 years."
"We are very pleased that NRC will be joining the J.F. Lehman & Company portfolio," said Alex Harman, Partner. "NRC has many of the characteristics we seek in acquisition candidates – a leading market position, a loyal and diversified global customer base, and a strong track record of performance. We plan to pursue new opportunities for growth to leverage the long-established NRC brand and the company's unique regulatory compliance and emergency response capabilities." The transaction is expected to close in approximately 30 days, conditional upon a number of customary closing conditions.