[Context: On October 3, J.F. Lehman-backed NRC Group closed the acquisition of Quail Run Services, a wellsite wastewater treatment services company in Eagle Ford. Further details and related links are below.]
NRC Group Closes Acquisition of Quail Run Services, Leading Provider of Wellsite Wastewater Treatment
NEW YORK–(BUSINESS WIRE)–3 OCT 2018 – Hennessy Capital Acquisition Corp. III (NYSE American: HCAC.U, HCAC, HCAC.WS) (“HCAC” or the “Company”) today announced that NRC Group Holdings, LLC (“NRC Group”) has completed the acquisition of Quail Run Services, LLC (“Quail Run”).
Quail Run is a leading provider of wellsite wastewater treatment services throughout five disposal sites in the Eagle Ford Shale and Permian Basin. Its state-licensed facilities are designed to properly treat domestic wastewater and then discharge/reuse the processed effluent that meets or exceeds state-provided effluent parameters. Quail Run’s facilities are manned seven days per week by a licensed operator, and its facilities are driver-friendly with easy access and provide for simple unloading.
“One of our goals at NRC Group is to help our upstream customers manage all of the waste volumes that are created by their activities in the Permian and Eagle Ford basins,” said Chris Swinbank, CEO of NRC Group. “The addition of Quail Run allows us to further those efforts by providing professional stewardship of yet another waste stream created by our existing roster of blue-chip E&P customers.”
A summary of the terms of the transaction are contained in HCAC’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2018 on pages 120-121 under the heading “Interim Acquisition.”
About NRC Group and JFLCo
NRC Group is a portfolio company of investment affiliates of J.F. Lehman & Company, LLC (“JFLCo”), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. NRC Group is a global provider of comprehensive environmental, compliance and waste management services to the marine and rail transportation, general industrial and energy markets. NRC Group’s broad range of capabilities includes standby, environmental and waste disposal services, and enable it to provide a global reach to meet the critical, non-discretionary needs of its more than 5,000 customers across diverse end markets. NRC Group was established in June 2018 through the combination of two businesses, National Response Corporation and Sprint Energy Services, both previously operating separately under the ownership of investment affiliates of JFLCo.
No portion of the websites referenced in this paragraph is incorporated by reference into or otherwise deemed to be a part of this news release.
About Hennessy Capital Acquisition Corp. III
Hennessy Capital Acquisition Corp. III is a blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s acquisition and value creation strategy is to identify, acquire and, after its initial business combination, build an industrial/infrastructure manufacturing, distribution or services business.
Additional Information About the Proposed Business Combination and Where to Find It
The proposed Business Combination will be submitted to stockholders of the Company for their consideration. The Company has filed with the SEC a definitive proxy statement on October 1, 2018 in connection with the Business Combination and related matters and will mail the definitive proxy statement and other relevant documents to its stockholders as of the October 1, 2018 record date established for voting on the proposed transaction. The Company’s stockholders and other interested persons are advised to read the definitive proxy statement, in connection with the Company’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the Business Combination, because this document will contain important information about the Company, NRC Group and the Business Combination. Stockholders may also obtain a copy of the definitive proxy statement as well as other documents filed with the SEC regarding the Business Combination and other documents filed with the SEC by HCAC, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Nicholas A. Petruska, Executive Vice President, Chief Financial Officer, 3485 North Pines Way, Suite 110, Wilson, Wyoming 83014 or by telephone at (312) 803-0372.
Participants in the Solicitation
The Company, JFLCo, NRC Group, and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from the Company’s stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of the Company’s stockholders in connection with the Business Combination is set forth in the Company’s definitive proxy statement dated October 1, 2018 on file with the SEC. You can find more information about the Company’s directors and executive officers in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on April 2, 2018. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are included in the Company’s definitive proxy statement, which can be obtained free of charge from the sources indicated above.