Houlihan Lokey Advises Liquid Environmental Solutions

Houlihan Lokey is pleased to announce that Liquid Environmental Solutions (LES), a portfolio company of Audax Private Equity, has agreed to be acquired by Infrastructure at Goldman Sachs Alternatives.

Founded in 2002, LES is a leading national service provider within the circular economy, managing nonhazardous liquid waste for its blue-chip customer base through a high-quality network of scaled infrastructure assets. LES collects, treats, and beneficially recovers materials from a variety of liquid waste sources including grease traps, oil water separators, used cooking oil, and other nonhazardous liquid waste for the restaurant, grocery chain, hospitality, education, and environmental services sectors. The company services its highly diversified customer base from a network of 64 service locations and 26 treatment and processing facilities strategically located across the United States.

Headquartered in Boston, with offices in San Francisco, New York, London, and Hong Kong SAR, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in 175 platforms and over 1,400 add-on acquisitions since its founding in 1999.

Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $16 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including circular economy, digital infrastructure, energy transition, and transportation and logistics.

Houlihan Lokey is serving as the lead financial advisor to LES and Audax Private Equity. This transaction highlights Houlihan Lokey’s preeminent position and continued success advising clients in the environmental services sector.

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