Latest Hennessy Capital Acquisition III News
Oct 17, 2018
HCAC completes NRC Group acquisition from JFLCo October 17, 2018 Hennessy Capital Acquisition Corp III, a blank check company founded by Daniel J. Hennessy, has closed its previously announced acquisition of NRC Group Holdings from J.F. Lehman & Co. No financial terms were disclosed. HCAC has changed its name to NRC Group Holdings Corp. On October 18, 2018, NRC Group will start trading its stock on the New York Stock Exchange under the ticker symbols “NRCG” and “NRCG WS.” Based in Great River, New York, NRC provides environmental, compliance and waste management services to the marine and rail transportation, general industrial and energy markets. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Hennessy Capital Acquisition Corp. III (NYSE American: HCAC.U, HCAC, HCAC.WS) (“HCAC” or the “Company”) today announced the closing of its previously announced acquisition of NRC Group Holdings, LLC (“NRC Group”) from investment affiliates of J.F. Lehman & Company (“JFLCo”). The acquisition was approved at HCAC’s special meeting of stockholders held earlier today. As part of the transaction, HCAC changed its name to “NRC Group Holdings Corp.” As a result, the Company expects that, effective October 18, 2018, the Company’s common stock and warrants will begin trading under the ticker symbols “NRCG” and “NRCG WS,” respectively, on the NYSE American exchange. NRC Group is a global provider of comprehensive environmental, compliance and waste management services to the marine and rail transportation, general industrial and energy markets. NRC Group’s broad range of capabilities includes standby, environmental and waste disposal services, which enable it to provide a global reach to meet the critical, non-discretionary needs of its more than 5,000 customers across diverse industries and end markets to ensure compliance with environmental, health and safety laws around the world. Christian Swinbank, who was appointed CEO of NRC Group at its formation, will continue to serve in that capacity for the combined company post-closing. Commenting on the acquisition, Swinbank said: “Today is a significant milestone for our company. We believe our new public listing will significantly enhance our ability to execute on the numerous exciting growth initiatives currently underway at NRC Group. Our mission in creating NRC Group was to provide a unique ‘cradle-to-grave’ solution for our customers’ waste streams from the point of generation all the way through the ultimate deposit at one of our landfill facilities, and we are proud to say that we have succeeded in providing that for our customers. We look forward to continuing our expansion to provide superior solutions to any environmental requirements, anytime and anywhere our customers need us.” Daniel J. Hennessy, former Chairman and CEO of HCAC, commented: “With its best-in-class industry position, scalable business platform and numerous opportunities to further enhance and differentiate its unique service offerings, NRC Group is poised for significant growth and shareholder value creation.” HCAC was advised on the transaction by Credit Suisse Securities (USA) LLC and Stifel as capital markets advisors; Nomura Securities International, Inc. as financial advisor and committed equity financing provider; and with Sidley Austin LLP and Ellenoff Grossman & Schole LLP as legal counsel. Stifel and Houlihan Lokey Capital, Inc. served as financial advisors to JFLCo and Jones Day and Blank Rome LLP provided legal counsel. About NRC Group and JFLCo NRC Group was established in June 2018 through the combination of two businesses, National Response Corporation and Sprint Energy Services, both previously operating separately under the ownership of investment affiliates of JFLCo, a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. For more information regarding NRC Group, please visit www.nrcc.com. For more information regarding JFLCo, please visit www.jflpartners.com. No portion of the websites referenced in this paragraph is incorporated by reference into or otherwise deemed to be a part of this news release. About Hennessy Capital Acquisition Corp. III Hennessy Capital Acquisition Corp. III is a blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s acquisition and value creation strategy is to identify, acquire and, after its initial business combination, build an industrial/infrastructure manufacturing, distribution or services business.