Houlihan Lokey Advises Hoover Circular Solutions

Houlihan Lokey is pleased to announce that Hoover Circular Solutions Ltd. (Hoover CS), a portfolio company of First Reserve and a market-leading provider of mission-critical, highly specialized sustainable packaging, fleet management, rental, and logistics solutions for the transportation and containment of catalysts and chemicals, has been acquired by The Riverside Company (Riverside). The transaction closed on October 30, 2026.

Headquartered in Houston, Texas, Hoover CS is a leading provider of sustainable packaging, fleet management, and logistics solutions serving refining, chemical, energy, and industrial customers globally. Founded in 1911, the company operates one of the industry’s largest mixed rental fleets of specialized assets across North America, Europe, the Middle East, and the Asia-Pacific region. Hoover CS also offers a modern fleet management program to its customers that allows them to improve their global fleet efficiency. Its catalyst packaging business provides closed-loop logistics for fresh and spent catalysts used in refineries, and its chemical packaging business supplies intermediate bulk containers (IBCs) and intermodal ISO tanks for specialty and hazardous chemicals. Hoover CS serves approximately 850 customers, with operations in North America, Europe, and the Middle East.

Founded in 1983, First Reserve is a leading private equity firm investing across infrastructure solutions, value-added infrastructure, and resources strategies with exposure in energy, utility, and industrial markets. First Reserve has raised more than $35 billion of aggregate capital since inception. Its investment and operational experience has been built from more than 750 transactions—including platform investments and add-on acquisitions—on six continents. The firm’s portfolio companies have operated globally in more than 60 countries and span the entire energy and industrial spectrum.

Founded in 1988, Riverside is a global investment firm focused on being one of the leading private equity and flexible capital options for business owners and portfolio company employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,100 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies.

Houlihan Lokey served as the exclusive financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of Hoover CS. The transaction exemplifies the continued success of Houlihan Lokey’s dedicated coverage of the equipment-as-a-service sector.

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