Littlejohn & Co. LLC, a Greenwich-based private investment firm, has signed a definitive agreement to acquire Strategic Materials Inc., a Houston-based environmental services and glass recycling company, from Willis Stein & Partners and Vision Capital.
Founded in 1896 as the Bassichis Co., Strategic Materials operates 47 facilities across the U.S., Canada and Mexico. The company serves a variety of markets including glass packaging, fiberglass insulation and the air blast abrasives industry. The financial terms of the transaction were not disclosed. The acquisition is expected to close in November.
“Strategic Materials is a market leader with a unique customer value proposition and several actionable growth opportunities,” said Brian Michaud, a principal at Littlejohn & Co. “As recycled product demand and sustainable manufacturing practices have become a priority for numerous markets worldwide, we believe Strategic Materials is at the forefront to meet those product needs and services on a much larger scale. We are excited to partner with Denis Suggs and his team to support Strategic Materials’ growth objectives.”