ACON Investments, L.L.C. and its affiliates announced the acquisition of Pine Environmental Services LLC, the largest independent provider of environmental test and measurement equipment solutions in North America. Based in Windsor, New Jersey, Pine serves a highly diversified customer base, including environmental consulting firms, offering rental, sales, and service solutions for project and equipment needs. As part of the transaction, the management team of Pine will be significant shareholders alongside ACON.
Greg Rzonca, CEO of Pine, said, "We are delighted to be partnering with ACON to leverage their networks across our markets and beyond to help drive Pine's growth." Angelo Pinheiro, Pine's Founder, added, "We are proud of Pine's success having become a leading equipment provider in the EHS sector. Together with ACON, we look forward to continued growth and expansion as both private and public sectors are increasingly focused on improving environmental, health and safety standards."
"Pine's national footprint, broadest EHS equipment offering, value-added services and strategic focus has made it the market leader in its industry. We are excited to partner with the Pine management team to accelerate future growth both organically and through accretive acquisitions," said Mo Bawa, Partner at ACON.
John Roush, who has served as an executive advisor to ACON and will serve on the Pine Board of Directors, said, "I look forward to working with ACON and Pine's current leadership team to execute on a number of key initiatives in the strategic plan." Mr. Roush previously served as President of PerkinElmer's environmental instrumentation business and has more than 25 years of experience as a CEO and senior executive in other companies such as Novanta, Honeywell and General Electric.
Terms of the transaction were not disclosed.
About Pine
Pine Environmental Services LLC is the largest independent provider of rental solutions for environmental test and measurement equipment, non-destructive testing equipment, and continuous emission stack testing equipment in North America. Pine offers a full suite of rentals, sales, and services solutions to its customers across 38 locations in the U.S. and Canada. For more information, visit www.pine-environmental.com.
About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. Founded in 1996, ACON has responsibility for managing approximately $5.6 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit www.aconinvestments.com.
