Indianapolis-based EnviroForensics has been acquired by two investment firms. The environmental engineering, consulting and remediation design firm says the deal with Chicago-based Woodlawn Partners LLC and Detroit-based Peninsula Capital Partners LLC will allow for expansion into new markets.
Financial terms of the deal were not disclosed. While no jobs will be initially created as a result of the acquisition, a spokesperson for EnviroForensics says the deal sets the firm up to expand its services and create jobs in the future.
"This acquisition will provide tremendous opportunity to our employees as we continue to grow and expand geographically," said Nancy Shields, president of EnviroForensics. "We have identified strategic growth potential in new markets that are searching for creative strategies to resolve the problems of cleanup and redevelopment of contaminated brownfield sites and blighted urban properties."
EnviroForensics Founder and Chief Executive Officer Steve Henshaw will continue to lead the firm, with the rest of the leadership team remaining in place as well. He says the partnership with Woodlawn and Peninsula Capital "will provide a depth of experience to help strengthen market share in at home and as we expand into new regional markets."
The firm says it is projected to reach $20 million in revenue this year and has seen an annual growth of more than 20 percent since 2010. Shields says she expects to double revenues and profit over the next five years.