Houlihan Lokey Advises Charah Solutions

Houlihan Lokey is pleased to announce the sale of Charah Solutions, Inc. (OTCPK:CHRA; "Charah" or the "company") to SER Capital Partners (SER) for $6.00 per share, representing an enterprise value of approximately $280 million. The transaction closed on July 13, 2023.

Founded in 1987 and based in Louisville, Kentucky, Charah is a leading provider of mission-critical environmental services and byproduct recycling to the power generation industry. Charah is the partner of choice for solving customers’ most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the company is committed to reducing greenhouse gas emissions for a cleaner energy future. Charah assists utilities and independent power producers with all aspects of sustainably managing and recycling ash byproducts generated from the combustion of coal in the production of electricity. The company also designs and implements solutions for ash pond management and closure, landfill construction, structural fill projects, power plant remediation, and site redevelopment. As a sustainability leader, Charah is dedicated to preserving our natural resources in an environmentally conscious manner and is focused on developing innovative solutions for the betterment of the planet, the communities in which it operates, and its customers.

SER is an independent, middle-market private equity firm dedicated to investing in North American sustainable industrial, environmental, and renewable businesses. Over the past two decades, its team members have amassed successful experience in its targeted sectors as private equity investors and senior executives at both private and public businesses. The firm’s strategy is to actively create attractive investments underpinned by critical assets while also authentically measuring and improving key sustainability metrics in line with the UN Principles for Responsible Investing. SER is also committed to aligning interests across its investors, team members, portfolio company management teams, and communities.

Houlihan Lokey served as the exclusive financial advisor to Charah and rendered a fairness opinion for the transaction. The deal team assisted in all aspects of structuring, valuing, and negotiating the transaction. This transaction highlights Houlihan Lokey’s leading position and continued success advising clients in the environmental services sector. In addition, this transaction highlights Houlihan Lokey’s long-term relationship and partnership with Charah, representing the seventh time Houlihan Lokey advised Charah on a successful transaction.