Baton Rouge-based private equity firm Bernhard Capital Partners has taken Louisville-based Charah Solutions public.
Charah, one of the seven companies in BCP’s growing portfolio of holdings in the energy services sector, provides environmental and maintenance services to the coal and nuclear industries. It began trading Thursday on the New York Stock Exchange, following an initial public offering of 7.3 million shares priced at $12 per share.
Charah expects to net some $51.4 million from the offering, which it will use for general corporate purposes and to pare down debt, according to a news release from the company.
BCP acquired Charah in 2017 in a deal that was not publicized at the time, owning a 51% share in the company, according to documents filed with the Securities and Exchange Commission.
The IPO is the latest development in BCP’s aggressive growth strategy. Since its launch in 2013 by The Shaw Group’s founder and CEO Jim Bernhard and Jeff Jenkins, BCP has raised an estimated $2 billion and grown a portfolio of companies that specialize in the energy services sector.
Charah fits in with the firm’s overall strategy. The 30-year-old company specializes in providing on-site services to coal and nuclear plants, including managing and cleaning up coal ash. It has two business segments, environmental solutions and maintenance and technical services, which include outage services and staffing for nuclear-power-generation facilities.
Other BCP portfolio companies include: Bernhard Energy Solutions, which specializes in developing energy systems for institutional clients; Brown and Root, an industrial contractor; Epic Piping, a pipe fabricator; ATC, an environmental consulting firm; Atlas Technical Consultants, a transportation infrastructure engineering firm; and W.A. Chester, which specializes in power transmission and distribution.
BCP officials declined to comment.
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