environmental services industry update - hyde park · pdf fileenvironmental services industry...

Environmental ServicesIndustry Update

September 2013

Member FINRA/SIPC

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising

Hyde Park Capital Advisors, LLC701 N. Franklin StreetTampa, FL 33602Tel: 813-383-0202www.hydeparkcapital.com

John Hill Senior Managing Director [email protected](813) 383-0205John McDonaldSenior Managing [email protected](813) 383-0206Keith HodgdonSenior Vice [email protected](813) 383-0208Jeffrey Bridge Vice President [email protected](813) 383-0204Michael [email protected](813) 597-2649

Integrity | Expertise | Results

HYDE PARK CAPITALInvestment Banking | Mergers & Acquisitions | Capital Raising

Industry Sector 3 Months 12 months Revenue EBITDASolid Waste (2.5%) 19.4% 2.3x 8.9xSpecial Waste 3.1% 16.8% 2.3x 11.8xMetals Recycling & E-Waste (2.4%) 1.6% 0.4x 10.5xEngineering, Consulting & Construction 1.3% 15.8% 0.8x 9.6x

Average Change in Stock Price Enterprise Value / LTM

Offering Date Issuer Transaction Type Transaction Size 04/03/13 Clean Harbors, Inc. Fixed-Income Offering $60003/26/13 Casella Waste Systems, Inc. Fixed-Income Offering $1601/28/13 Casella Waste Systems, Inc. Fixed-Income Offering $12811/28/12 Clean Harbors, Inc. Fixed-Income Offering $60011/27/12 Clean Harbors, Inc. Follow-on Equity Offering $33611/15/12 Clean Harbors, Inc. Fixed-Income Offering $80009/28/12 Casella Waste Systems, Inc. Fixed-Income Offering $12509/28/12 Casella Waste Systems, Inc. Follow-on Equity Offering $4009/28/12 HaloSource, Inc. Follow-on Equity Offering $2609/05/12 Waste Management, Inc. Fixed-Income Offering $498

80%90%

100%110%120%130%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13S&P 500 Solid Waste Special Waste Metals Recycling & E-Waste Engineering, Consulting & ConstructionPublic Company Market Performance by Sector

2

ENVIRONMENTAL SERVICES – Industry Update

Commentary

Source: S&P Capital IQ.

Public Offerings

Stock Price Performance (LTM)

($ in millions)

As of September 3, 2013 the public stock market performance ofthe Environmental Services industry sectors all increased over thepast 12 months; led by Solid Waste and Special Waste, up 19% and17%, respectively. During the past three months the only sectorswith positive returns were Special Waste and Engineering,Consulting & Construction.The Special Waste sector was the industry’s strongest performer interms of valuation as of September 3, 2013 trading at 11.8x LTMEBITDA. The Metals Recycling & E-Waste; Engineering, Consulting &Construction and Solid Waste sectors followed at 10.5x, 9.6x and8.9x, respectively.As illustrated below, a number of fixed-income and follow-onequity public offerings were completed by industry leaders in theEnvironmental Services industry during the last 12 months.

16.7%16.8%

1.6%15.8%

19.4%


Closed Date Target Industry Sector Buyer Enterprise

Value ($mm)EV /

Revenue EV /

EBITDA 08/30/2013 Container First Services, LLC Solid Waste Waste Services Industries, LLC NA NA NA08/27/2013 RainWave, LLC / Hydro-Engineering Solutions, LLC Engineering, Consulting & Construction Trimble Navigation, Ltd. NA NA NA08/26/2013 Summit Environmental Consultants, Inc. Engineering, Consulting & Construction S. W. Cole Engineering, Inc. NA NA NA08/23/2013 Matchbox Disposal, Inc. Solid Waste Advanced Disposal Services, Inc. NA NA NA08/12/2013 eWeatherRisk, Inc. Engineering, Consulting & Construction The Andersons, Inc. NA NA NA08/07/2013 Oak Grove Disposal Co., Inc. Solid Waste Waste Management, Inc. NA NA NA08/01/2013 Pike Sanitation, Inc. Solid Waste Rumpke Consolidated Companies, Inc. NA NA NA08/01/2013 KTI Bio Fuels, Inc. Special Waste ReEnergy Holdings, LLC NA NA NA07/31/2013 AAA Sanitation, Inc. Special Waste Advanced Disposal Services, Inc. NA NA NA07/30/2013 Allstate Power Vac, Inc. Special Waste EQ - The Environmental Quality Co. NA NA NA07/24/2013 Environmental Management Systems, Inc. Special Waste Versatile Processing Group, Inc. NA NA NA07/18/2013 New England EnviroStrategies, Inc. Engineering, Consulting & Construction Terracon Consultants, Inc. NA NA NA07/18/2013 Miller Electronics Recycling, LLC Special Waste ARCOA Group NA NA NA07/17/2013 Quest Resource Management Group, LLC Engineering, Consulting & Construction Earth911, Inc. $154.0 1.2x NA07/11/2013 Analytical Services, Inc. Engineering, Consulting & Construction Sullivan International Group, Inc. NA NA NA07/05/2013 The Avogadro Group, LLC Engineering, Consulting & Construction Montrose Environmental Corp. NA NA NA07/02/2013 Benson Disposal Services, Inc. / Valdosta Waste Services Solid Waste Advanced Disposal Services, Inc. NA NA NA07/01/2013 North State Utilities, Inc. (Wastewater Assets) Special Waste Aqua North Carolina, Inc. NA NA NA07/01/2013 Water System Assets (Transylvania County) Special Waste Aqua North Carolina, Inc. NA NA NA06/25/2013 Sheboygan Waste Materials Co. Solid Waste Advanced Disposal Services, Inc. NA NA NA06/20/2013 Op-Tech Environmental Services, Inc. Special Waste NRC US Holding Co., LLC $9.3 0.3x 2.9x06/20/2013 SP Fiber Recycling, Inc. Special Waste Spectra Recycling, Inc. NA NA NA06/18/2013 Summit Environmental Consultants, Inc. Engineering, Consulting & Construction CES, Inc. NA NA NA06/18/2013 Waste Management, Inc. (Residential Container Accounts) Solid Waste Burgmeier's Hauling, Inc. NA NA NA06/17/2013 Vela Environmental Engineering, Consulting & Construction Kennedy & Coe, LLC NA NA NA06/12/2013 Seacliff Environmental Services, Inc. Engineering, Consulting & Construction Alliance Environmental Group, Inc. NA NA NA06/10/2013 American Radiation Services, Inc. Engineering, Consulting & Construction The Aleut Corp. NA NA NA05/25/2013 Morris Tick Co., Inc. Metals Recycling & E-Waste Joseph Behr and Sons, Inc. NA NA NA05/01/2013 RW Edwards Equipment Co. Solid Waste Advanced Disposal Services, Inc. NA NA NA04/24/2013 Synagro Technologies, Inc. Special Waste EQT Partners $465.0 NA NA04/19/2013 AMP Abatement, Inc. Special Waste Alliance Environmental Group, Inc. NA NA NA04/15/2013 Insight Management Corp. Engineering, Consulting & Construction Insight Management Corp. NA NA NA

3

ENVIRONMENTAL SERVICES – M&A Activity

Select M&A Transactions




Value ($mm)EV /

Revenue EV /

EBITDA 04/15/2013 EG&G, Inc. Engineering, Consulting & Construction CT Consultants, Inc. NA NA NA03/25/2013 Resource Exchange of America Corp. Metals Recycling & E-Waste Allerayde SAB, Inc. NA NA NA03/11/2013 Mt. Hood Solutions Co. (Water Treatment Division) Special Waste U.S. Water Services, Inc. NA NA NA03/01/2013 SCS Aquaterra Engineering, Consulting & Construction Stearns, Conrad, Schmidt Consulting Engineers, Inc. NA NA NA02/25/2013 National Waste Management, Inc. Special Waste Curtis Bay Energy, LP NA NA NA02/22/2013 USM Alumacycle, LLC Metals Recycling & E-Waste Universal Scrap Metals, Inc. / USM Processing, Ltd. / USMe, LLC NA NA NA02/01/2013 Cycle Systems, Inc. Metals Recycling & E-Waste Gerdau Ameristeel Corp. $13.7 NA NA01/31/2013 Greenstar, LLC Solid Waste WM Recycle America, LLC $210.0 NA NA01/22/2013 General Electric Co. (Air Emissions Testing Business) Engineering, Consulting & Construction TRC Companies, Inc. $3.2 0.3x NA01/14/2013 Heschong Mahone Group, Inc. Engineering, Consulting & Construction TRC Companies, Inc. $6.0 NA NA01/10/2013 Liesch Associates, Inc. Engineering, Consulting & Construction Terracon Consultants, Inc. NA NA NA01/08/2013 Walling Water Management, Inc. Engineering, Consulting & Construction H-O-H Water Technology, Inc. NA NA NA01/08/2013 A2L Technologies, Inc. Engineering, Consulting & Construction Apex Companies, LLC NA NA NA01/08/2013 Recycling Systems, Inc. Solid Waste Lakeshore Recycling Systems, LLC NA NA NA01/07/2013 EnergySolutions, Inc Engineering, Consulting & Construction Energy Capital Partners $944.8 0.5x 4.5x01/03/2013 Davis Disposal, Inc. / Evans Recycling, Inc. Solid Waste Santek Waste Services, Inc. NA NA NA01/02/2013 Lotspeich and Associates, Inc. Engineering, Consulting & Construction GAI Consultants, Inc. NA NA NA01/02/2013 Terra Contracting, LLC Engineering, Consulting & Construction Great Lakes Dredge & Dock Corp. $28.0 NA NA01/02/2013 Pelichem Industrial Cleaning Services, LLC Special Waste Matrix Service Co. $8.3 NA NA12/21/2012 Geo-Con, Inc. Engineering, Consulting & Construction Geo-Solutions, Inc. NA NA NA12/20/2012 Saltwater Disposal of North Dakota, LLC Engineering, Consulting & Construction Basic Energy Services, Inc. $43.0 NA NA12/20/2012 Simon & Associates, Inc. Engineering, Consulting & Construction Thornton Tomasetti, Inc. NA NA NA12/17/2012 QRS, Inc. (Two Nashville Recycling Facilities) Solid Waste Waste Management, Inc. $3.8 NA NA12/06/2012 Blow Brothers, Inc. Solid Waste Casella Waste Systems, Inc. $22.5 1.1x NA12/02/2012 Sims Metal Management, Ltd. (Metal Recycling Assets) Metals Recycling & E-Waste SA Recycling, LLC $35.0 NA NA11/27/2012 Mercury Business Solutions, LLC Metals Recycling & E-Waste Mindful eCycling, LLC NA NA NA11/21/2012 Falling Springs, LLC Engineering, Consulting & Construction Arc Ventures $16.5 NA NA11/20/2012 Remedial Construction Services, LP Engineering, Consulting & Construction Oaktree Capital Management / GFI Energy Ventures NA NA NA11/16/2012 Choice Environmental Services, Inc. Solid Waste Waste Services Of Florida, Inc. $125.0 1.7x NA11/15/2012 FlyAshDirect, Ltd. Special Waste Waste Management, Inc. NA NA NA11/14/2012 United Waste Management, Inc. Solid Waste ReEnergy Holdings, LLC NA NA NA10/29/2012 Safety-Kleen, Inc. Special Waste Clean Harbors, Inc. $1,478.2 1.1x 10.0x4






Value ($mm)EV /

Revenue EV /

EBITDA 10/19/2012 United Waste & Energy, Inc. Solid Waste PTS, Inc. NA NA NA10/04/2012 Wandering River Recycling Solid Waste Balcones Resources, Inc. NA NA NA10/01/2012 Sims Metal Management, Ltd. (Two Recycling Assets) Metals Recycling & E-Waste Evraz, Inc. $11.8 NA NA09/27/2012 TrashPros, LLC Solid Waste Waste Management, Inc. NA NA NA09/25/2012 Berry Remediation Services, Inc. Special Waste American Pollution Control Corp. NA NA NA09/23/2012 Star Atlantic Waste Holdings, LP Solid Waste Estre Ambiental $909.1 NA NA09/17/2012 Midwest Metals Recycling, Inc. Metals Recycling & E-Waste Sadoff Iron & Metal Co., Inc. NA NA NA09/04/2012 Badlands Energy, LLC Engineering, Consulting & Construction Nuverra Environmental Solutions, Inc. $530.6 1.5x 3.4x09/05/2012 E-Structors, Inc. Metals Recycling & E-Waste Sims Recycling Solutions, Inc. $8.5 1.2x NA09/04/2012 Ecosystem Management & Associates, Inc. Engineering, Consulting & Construction HDR Engineering, Inc. NA NA NAAverage 1.0x 5.2xMedian 1.1x 4.0x

5





Share Price Premium Share Price Premium52-Week Average 3.16 31% One Day Prior 3.44 21%52-Week High 5.16 (20%) One Week Prior 3.12 33%52-Week Low 1.51 175% One Month Prior 3.09 34%

Premium Analysis

($ in millions)LTM

Income Statement 3/31/13Revenue $1,843.0 Purchase Price (Equity) $378.0EBITDA $210.1 Net Assumed Liabilities $566.8Net Income ($3.6) Implied Enterprise Value $944.8

As ofBalance Sheet 5/10/13 Implied Purchase MultiplesCash $233.1 Revenue 0.5xDebt $799.4 EBITDA 4.5xNet Debt $566.3 Net Income NM

Financial Profile Transaction AnalysisFounded in 1988, Energy Solutions, Inc. is a leader in the nuclearcommercial services industry headquartered in Salt Lake City, Utah.The Company offers a full range of integrated services andsolutions, including nuclear operations, characterization,decommissioning, decontamination, site closure, transportation,nuclear materials management, processing, recycling, anddisposition of nuclear waste, and research and engineering servicesacross the nuclear fuel cycle.On January 7, 2013 Energy Capital Partners entered into adefinitive agreement to acquire Energy Solutions, Inc. (NYSE:ES).Under the terms of the agreement, Energy Solutions, Inc.shareholders will receive $3.75 in cash per share.On April 5, 2013, Energy Capital Partners raised its offer to $4.15 incash per share in a transaction valued at approximately $950million.The purchase price represents a 21% premium to Energy Solution’sclosing share price of $3.44 on January 4, 2013, the last trading daybefore the transaction was announced.Energy Capital Partners is a private equity firm with offices in ShortHills, New Jersey and San Diego, California. Energy Capital Partnersis focused on investing in the power generation, electrictransmission, midstream gas, renewable energy, oil field servicesand environmental services sectors of North America's energyinfrastructure.

ENVIRONMENTAL SERVICES – Recent M&A Transactions Profiled

Transaction Details

6

Energy Solutions, Inc.


8.3x 8.1x7.7x

7.4x 7.6x 7.6x 7.4x7.8x

8.3x 8.5x8.9x2.2x 2.1x 1.9x 1.9x 1.9x 1.8x 1.8x 1.8x 2.0x 2.0x 2.1x

0.0x0.5x1.0x1.5x2.0x2.5x

6.5x7.0x7.5x8.0x8.5x9.0x

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1'12 Q2'12 Q3'12 Q4 '12 Q1'13 Q2'13 9/4/13EV / EBITDA EV / Revenue80%90%

100%110%120%130%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13S&P 500 Solid Waste

Closing Price % of 52 Equity EnterpriseCompany Ticker 9/3/13 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDAWaste Management, Inc. WM $40.15 92% $18,734 $28,938 $13,757 $4,784 $3,350 34.8% 24.4% 2.1x 8.6xRepublic Services, Inc. RSG $32.16 90% $11,732 $18,742 $8,186 $2,989 $2,142 36.5% 26.2% 2.3x 8.7xWaste Connections, Inc. WCN $41.90 95% $5,189 $6,180 $1,814 $792 $593 43.7% 32.7% 3.4x 10.4xProgressive Waste Solutions, Ltd. BIN $24.16 99% $2,783 $4,223 $1,986 $768 $538 38.7% 27.1% 2.1x 7.9xCasella Waste Systems, Inc. CWST $5.34 96% $199 $689 $466 $136 $79 29.2% 16.9% 1.5x 8.7x

Average 95% $7,727 $11,754 $5,242 $1,894 $1,340 36.6% 25.4% 2.3x 8.9x

Median 95% $5,189 $6,180 $1,986 $792 $593 36.5% 26.2% 2.1x 8.7x

Enterprise Value /LTM LTM Margins LTM

7

ENVIRONMENTAL SERVICES – Solid Waste


Public Company Analysis

Stock Price Performance (LTM) Trading Multiples

16.7%EV / EB

ITDA EV / REV

($ in millions, except per share)

19.4%

HYDE PARK CAPITALInvestment Banking | Mergers & Acquisitions | Capital Raising80%90%

100%110%120%130%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13S&P 500 Special Waste

10.6x 10.4x9.8x

9.0x 9.8x9.1x 9.3x

10.3x 11.2x 11.9x 12.2x

2.2x 2.3x 2.2x 2.1x 2.2x 2.1x 2.0x 2.0x 2.1x 2.3x 2.4x

0.0x0.5x1.0x1.5x2.0x2.5x3.0x

8.0x9.0x

10.0x11.0x12.0x13.0x14.0x

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 9/4/13EV / EBITDA EV / Revenue

Closing Price % of 52 Equity EnterpriseCompany Ticker 9/3/13 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDAStericycle, Inc. SRCL $111.56 93% $9,754 $11,072 $2,024 $960 $607 47.4% 30.0% 5.5x 18.2xCovanta Holding Corp. CVA $21.15 97% $2,760 $4,994 $1,628 $645 $410 39.6% 25.2% 3.1x 12.2xClean Harbors, Inc. CLH $54.96 89% $3,169 $4,300 $2,815 $792 $403 28.1% 14.3% 1.5x 10.7xNewalta Corp. NAL $14.55 94% $777 $1,146 $717 $163 $126 22.7% 17.6% 1.6x 9.1xUS Ecology, Inc. ECOL $28.34 91% $521 $560 $185 $71 $63 38.5% 33.9% 3.0x 8.9xHeritage-Crystal Clean, Inc HCCI $15.45 74% $287 $268 $263 $39 $12 15.0% 4.4% 1.0x 23.3x*Perma-Fix Environmental Services, Inc. PESI $0.49 41% $28 $43 $98 $12 ($3) 12.3% (3.5%) 0.4x NM

Average 83% $2,471 $3,198 $1,105 $383 $231 29.1% 17.4% 2.3x 11.8x

Median 91% $777 $1,146 $717 $163 $126 28.1% 17.6% 1.6x 10.7x


8

ENVIRONMENTAL SERVICES – Special Waste

Source: S&P Capital IQ. * Excluded from average and median calculation.



16.8%EV / EB

ITDA


EV / REV

16.7%


13.1x

10.2x 9.2x 8.9x 9.7x 9.0x7.6x

8.9x 8.6x 9.0x 10.1x

0.6x 0.5x0.4x

0.4x 0.4x 0.3x 0.3x 0.3x 0.3x 0.3x 0.4x

0.0x0.1x0.2x0.3x0.4x0.5x0.6x

4.0x6.0x8.0x

10.0x12.0x14.0x16.0x

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 9/4/13EV / EBITDA EV / Revenue80%90%

100%110%120%130%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13S&P 500 Metals Recycling & E-Waste

Closing Price % of 52 Equity EnterpriseCompany Ticker 9/3/13 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDACommercial Metals Co. CMC $14.91 85% $1,749 $2,578 $7,191 $688 $341 9.6% 4.7% 0.4x 7.6xSims Metal Management, Ltd. ASX:SGM $8.62 83% $1,762 $1,896 $6,594 $503 ($7) 7.6% (0.1%) 0.3x NMSchnitzer Steel Industries, Inc. SCHN $25.15 76% $675 $1,000 $2,728 $220 $111 8.1% 4.1% 0.4x 9.0xINTERSEROH SE DB:ABA $81.07 91% $801 $866 $2,279 $184 $25 8.1% 1.1% 0.4x 34.9x*Metalico, Inc. MEA $1.35 47% $64 $195 $529 $39 $13 7.4% 2.5% 0.4x 15.0x

Average 76% $1,010 $1,307 $3,864 $327 $97 8.2% 2.5% 0.4x 10.5x

Median 83% $801 $1,000 $2,728 $220 $25 8.1% 2.5% 0.4x 9.0x


9

ENVIRONMENTAL SERVICES – Metals Recycling & E-Waste

Source: S&P Capital IQ. * Excluded from average and median calculation.



1.6% EV / EBITDA


EV / REV

16.7%


9.3x8.7x

7.6x7.0x

7.9x 7.5x 7.9x 8.3x9.0x 8.7x 9.2x

0.9x 0.8x0.7x 0.6x 0.7x 0.7x 0.8x 0.7x 0.8x 0.7x 0.8x

0.0x0.2x0.4x0.6x0.8x1.0x

6.0x7.0x8.0x9.0x

10.0x11.0x

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 9/4/13EV / EBITDA EV / Revenue80%90%

100%110%120%130%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13S&P 500 Engineering, Consulting & Construction

Closing Price % of 52 Equity EnterpriseCompany Ticker 9/3/13 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDAFluor Corp. FLR $63.54 95% $10,520 $8,878 $28,535 $965 $1,037 3.4% 3.6% 0.3x 8.6xSNC-Lavalin Group, Inc. TSX:SNC $37.82 80% $5,726 $7,468 $7,819 $1,248 $566 16.0% 7.2% 1.0x 13.2xURS Corp. URS $49.52 97% $3,689 $5,684 $11,515 $868 $843 7.5% 7.3% 0.5x 6.7xAMEC plc AMEC $16.28 89% $4,974 $4,941 $6,277 $830 $518 13.2% 8.3% 0.8x 9.5xAECOM Technology Corp. ACM $28.63 81% $2,966 $3,663 $8,157 $468 $475 5.7% 5.8% 0.4x 7.7xStantec, Inc. TSX:STN $47.99 99% $2,216 $2,457 $1,600 $877 $228 54.8% 14.2% 1.5x 10.8xArcadis NV ARCAD $24.85 84% $1,827 $2,338 $3,327 $701 $263 21.1% 7.9% 0.7x 8.9xWS Atkins plc LSE:ATK $18.61 99% $1,858 $1,663 $2,589 $936 $183 36.2% 7.1% 0.6x 9.1xTetra Tech, Inc. TTEK $22.99 73% $1,484 $1,551 $2,030 $268 $124 13.2% 6.1% 0.8x 12.5xCardno, Ltd. ASX:CDD $5.98 80% $868 $1,007 $1,094 $165 $124 15.1% 11.3% 0.9x 8.1xGENIVAR, Inc. TSX:GNV $23.26 95% $761 $906 $639 $372 $87 58.2% 13.6% 1.4x 10.4xTRC Companies, Inc. TRR $7.33 78% $216 $214 $313 $52 $22 16.6% 6.9% 0.7x 9.9x

Average 87% $3,092 $3,397 $6,158 $646 $372 21.7% 8.3% 0.8x 9.6x

Median 87% $2,037 $2,398 $2,958 $766 $246 15.5% 7.3% 0.7x 9.3x


10

ENVIRONMENTAL SERVICES – Engineering, Consulting & Construction




EV / EBITDA


EV / REV

15.8%16.7%

HYDE PARK CAPITALInvestment Banking | Mergers & Acquisitions | Capital RaisingMember FINRA/SIPC

Recent Transactions

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital RaisingIntegrity | Expertise | Results

Hyde Park Capital Advisors, LLC701 N. Franklin StreetTampa, FL 33602Tel: 813-383-0202www.hydeparkcapital.com

John Hill Senior Managing Director [email protected](813) 383-0205John McDonaldSenior Managing [email protected](813) 383-0206Keith HodgdonSenior Vice [email protected](813) 383-0208Jeffrey Bridge Vice President [email protected](813) 383-0204Michael [email protected](813) 597-2649

environmental services industry update - hyde park · pdf fileenvironmental services industry...

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