NEW YORK, NY and HOUSTON, TX – [October 4, 2023] – Sk Capital Partners, a leading private investment firm strategically focused on the specialty materials, ingredients, and life sciences sectors, has announced the successful acquisition of Milestone Environmental Services, LLC (“Milestone”). This significant move sees SK Capital partnering with Milestone from Amberjack Capital Partners, L.P., marking a new chapter for the environmental services and carbon management company.
Milestone Environmental Services, under the continued leadership of President and CEO Gabriel Rio, has established itself as a frontrunner in waste management and an emerging force in carbon sequestration within the United States. Gabriel Rio, who founded Milestone in 2014, retains a significant ownership stake alongside SK Capital, signaling a strong alignment in vision and future growth strategy. Together with a robust management team and dedicated employees, Milestone has grown to become the largest independent provider of waste management solutions, pioneering sustainable practices for the energy and industrial sectors.
Headquartered in Houston, Texas, Milestone operates an advanced, integrated network of waste management infrastructure. This network is designed to significantly reduce the carbon footprint of its clients by employing permanent sequestration of hydrocarbon-containing energy waste. This process is critical in preventing harmful greenhouse gas emissions and contamination of both water and ground resources. Demonstrating its commitment to environmental stewardship, Milestone has already sequestered over 2 million tons of CO2e since 2014 using its innovative slurry injection process.
Beyond its established market leadership, Milestone is strategically positioned to capitalize on the burgeoning Carbon Capture and Sequestration (“CCS”) market. CCS is recognized globally as a vital technology in addressing climate change. Milestone’s expertise in waste sequestration, navigating complex permitting and regulatory landscapes, securing subsurface rights, and advanced geology analysis provides a strong foundation for its CCS initiatives. Milestone Carbon, a dedicated subsidiary, is at the forefront of this effort, enabling a diverse range of industrial CO2 emitters to achieve their decarbonization objectives. Milestone Carbon is actively developing several CCS projects, with notable advancements recently announced for its project in the Midland Basin.
Jack Norris, a Managing Director at SK Capital Partners, commented on the acquisition, stating, “We are deeply impressed by the market-leading and sustainability-focused business that Gabriel and the Milestone management team have cultivated. Milestone is ideally positioned to further expand its core operations within industries facing increasing environmental challenges, as regulations tighten and customers prioritize ambitious decarbonization goals. SK Capital Partners is excited to collaborate with the management team to seize this growth potential and support Milestone’s continued evolution as a leader in CCS and adjacent markets.”
Gabriel Rio, President and CEO of Milestone Environmental Services, also shared his perspective on the partnership: “SK Capital’s deep industry knowledge, operational expertise, and proven track record of partnering with management teams to execute transformative strategies make them the perfect partner for Milestone at this pivotal moment. I am proud to work alongside the exceptional management team at Milestone, and we are eager to collaborate with SK Capital Partners to realize our shared vision for the Company.”
Rio further emphasized Milestone’s core mission: “We founded Milestone to boldly champion sustainability within the energy sector and beyond. Our services empower companies to minimize their carbon footprint and enhance their progress toward sustainability targets. Permanent and secure carbon sequestration is essential in the fight against climate change, and Milestone possesses the strategy and capabilities to be a leading provider of these crucial solutions across numerous industries.”
For this transaction, Latham & Watkins LLP served as legal counsel to SK Capital Partners, and Houlihan Lokey acted as their financial advisor. Debt financing was provided by Cerberus Business Finance, LLC. Milestone received financial advisory services from Goldman, Sachs & Company and legal counsel from White & Case.
About Milestone Environmental Services
Milestone Environmental Services, based in Houston, Texas, stands as a premier environmental services and carbon management company. It is recognized as the largest independent energy waste sequestration company in the United States. Milestone’s integrated waste infrastructure network plays a critical role in reducing the carbon impact of its customers by permanently sequestering hydrocarbon waste deep underground, thereby preventing greenhouse gas emissions and contamination. Milestone has sequestered over 2 million tons of CO2e since 2014. Milestone Carbon, its subsidiary, is dedicated to assisting various emitters in meeting their decarbonization goals through the development and operation of secure CO2 sequestration sites. For more information, visit www.milestone-es.com.
About SK Capital Partners
SK Capital Partners is a private investment firm with a focused approach on the specialty materials, ingredients, and life sciences sectors. SK Capital is committed to building robust, sustainable, and growing businesses that generate significant long-term economic value. Leveraging its industry-specific knowledge, operational experience, and investment expertise, SK Capital identifies opportunities to transform businesses into higher-performing entities with enhanced strategic positioning, growth prospects, and profitability, alongside reduced operational risk. The companies within SK Capital’s portfolio collectively generate approximately $17 billion in annual revenue, employ over 25,000 people globally, and operate more than 200 facilities across over 30 countries. Currently, SK Capital manages approximately $7.9 billion in assets. For more information, please visit www.skcapitalpartners.com.
Contact:
Jeremy Milner
BackBay Communications
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(401) 862-9422
