Two companies have bought motor oil recycling firm Thermo Fluids Inc.
Wastewater and water company Heckmann Corp. of Coraopolis, Pa., partnered with the Chicago-based private equity firm CIVC Partners to buy Thermo Fluids (TFI) for $245 million in cash and Heckmann common stock, according to a news release.
TFI is an environmental services and waste recycling solutions company focused primarily on the collection and recycling of used motor oil. It is the largest seller of commercial fuel oil from recovered motor oil in the western United States, Heckmann said.
“Our focus to-date has been on total water and wastewater solutions for the shale oil and gas industry. TFI’s business expands our strategy to provide total environmental services to our customers,” said Richard Heckmann, Chairman and CEO of the company.