News

NEW YORK, NY – September 11, 2024 – GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm investing in middle market business services and industrial companies, is pleased to announce the sale of its portfolio company, Miller Environmental Group (“Miller” or the “Company”) to Coalesce Capital.  Miller is a leading provider of essential waste, industrial, and environmental services across the United States. Financial terms of the transaction were not disclosed.

 

GenNx360 invested in Miller in March 2019, identifying an attractive opportunity in the environmental services market that was supported by significant entry barriers and strong growth characteristics. Under GenNx360's ownership, Miller tripled its branch network, and currently operates 30 locations throughout the United States and is vertically integrated across the waste, industrial, and environmental services value chain, with 22 field service branches and a portfolio of 10-day transfer, treatment, storage, and disposal facilities (TSDFs) for waste processing. The Company completed 4 add-on acquisitions increasing its geographic footprint and is supported by a great management team that was carefully constructed throughout GenNx360’s ownership period.

 

“We are pleased with Miller’s performance and the transformation it has achieved over the past several years. We wish the management team and Coalesce Capital all the best going forward,” said Ron Blaylock, Co-Founder and Managing Partner at GenNx360.

 

Miller CEO, Rudy Streng said, “GenNx360 has been an outstanding partner as we went through this transformation and are thankful for their strategic insight. We are thrilled to partner with the Coalesce Capital team led by Stephanie Geveda and Curtis Roby, in our next phase as we continue to leverage the market reputation, capability set, and nationwide footprint of the Miller platform.”

 

"Waste, industrial, and environmental services represents a highly attractive investment opportunity, driven by essential spending, regulatory tailwinds, and market fragmentation. Miller serves more than 1,800 customers with its complementary services and national reach. We look forward to partnering with Rudy and the management team during the Company's next phase of growth," said Stephanie Geveda, Founder & Managing Partner at Coalesce Capital.

 

"Miller is differentiated by its vertically integrated delivery model, market reputation for quality and safety, and broad service offering," added Curtis Roby, Managing Director at Coalesce Capital. "We aim to capitalize on these strengths to accelerate Miller's growth trajectory."

 

“Our partnership with Miller has been a testament to GenNx360’s proactive investment strategy and ability to support management teams in achieving exceptional organic and inorganic growth. Miller is well positioned for continued success,” added Pratik Rajeevan, a Principal at GenNx360.

 

Stifel and Houlihan Lokey served as financial advisors and Winston & Strawn LLP served as legal advisor to Miller and GenNx360. Brown Gibbons Lang & Co. served as financial advisor and Greenberg Traurig served as legal advisor to Coalesce Capital.

 

Miller, founded in 1971, is a service-led, industry-leading provider of waste, industrial, and environmental services serving all sectors of the economy, including power & utility, transportation, retail, and manufacturing. The Company’s vertically integrated network of waste treatment facilities, and national network of branches and subcontractors allows it to provide its complementary service offering at scale. Operating in 30 locations, the Company counts several Fortune 500 companies among its varied client base. For more information on Miller, please visit www.millerenv.com.

 

GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. GenNx360 was founded in 2006 and is headquartered in New York City.  For more information on GenNx360, please visit www.gennx360.com.

 

Coalesce Capital is a private equity firm that partners with entrepreneurs and management teams to build enduring value around differentiated businesses. Coalesce has over $1.1 billion of regulatory assets under management and is dedicated to investing in human capital-driven and technology-enabled services companies. The firm’s growth-oriented investment philosophy centers around its conviction that people are the most important ingredient of value creation. Coalesce leverages its sector expertise, strategic resources and capital to collaborate with management teams to create shared success. For more information on Coalesce Capital, please visit www.coalescecap.com.

 

For media inquiries about this press release, please contact:

 

GenNx360 Capital Partners

Alicia Francis, Head of Investor Communications

Email: afrancis@gennx360.com

Tel: 929-209-7521