Charah Solutions acquired by SER Capital Partners

UNITED STATES Industrial Services / TIC (Testing, Inspection, Certification) EV $300–700M

Context

SER Capital Partners acquired 100% of the outstanding shares of Charah Solutions, transitioning the company from a public listing to private ownership. The strategic rationale for the acquisition lies in aligning Charah’s essential environmental remediation services with SER’s specialized focus on sustainable industrial infrastructure. By taking the company private, SER aims to provide the necessary long-term capital and operational flexibility to execute complex, multi-year remediation projects for utility customers without the volatility of public markets. The transaction allows Charah to leverage SER’s deep expertise in renewable energy and environmental regulation to expand its footprint in the ash pond closure and site redevelopment sectors. This partnership is designed to strengthen Charah's position as a preferred sustainability partner for utilities facing increasing regulatory pressure to decommission legacy coal infrastructure and restore industrial sites for future green energy use.

Charah Solutions, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the Business Services sector (10.0x in 2023).

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Target

Founded in 1987, Charah Solutions is a specialized provider of mission-critical environmental services and byproduct recycling specifically tailored for the power generation industry. The company’s business model revolves around the sustainable management of coal combustion residuals (CCR), assisting utilities and independent power producers with the recycling of ash byproducts. Its value proposition includes technical expertise in ash pond management and closure, landfill construction, structural fill projects, and full-scale power plant remediation and site redevelopment. By integrating specialized engineering with regulatory compliance, the firm enables energy producers to meet stringent environmental standards while repurposing industrial waste into useful materials for the construction industry. As a key player in the transition toward cleaner energy infrastructure, the organization focuses on reducing greenhouse gas emissions through circular economy practices and complex site restoration.

Ent. Value

$300–700M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

Above 20x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2022

2021

Similar deals in Industrial Services

Similar deals in Industrial Services
Date	Acquirer	Target	Country	Sector
08/2023	UL SOLUTIONS	CERE (CERTIFICATION ENTITY FOR RENEWABLE ENERGIES)	SPAIN	TIC (Testing, Inspection, Certification)
08/2023	VINCI ENERGIES	INPROCON	SWEDEN	Multi-technical Installation
05/2023	LOXAM	MOTORMAC RENTAL	BRAZIL	Equipment Rental
05/2023	REXEL	WASCO	NETHERLANDS	Industrial & Technical Distribution
05/2023	TRITON PARTNERS	UNICA	NETHERLANDS	Multi-technical Installation
04/2023	FRANCHISE BRANDS	PIRTEK EUROPE	UNITED KINGDOM	Welding & Piping Services
03/2023	LOXAM	JIAB HYRCENTER	SWEDEN	Equipment Rental
01/2023	SOLOMAT LOCATION	TERMALOC	FRANCE	Equipment Rental
12/2022	CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	AKIEM	FRANCE	Equipment Rental
12/2022	UNITED RENTALS	AHERN RENTALS	UNITED STATES	Equipment Rental

REFERENCES

Valuation range: EV $300–700M

Revenue range: $250–500M

EBITDA range: $5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Charah Solutions by SER Capital Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: ser capital partners

FAQ

What transaction does this page cover?

This page covers SER Capital Partners’s acquisition of 100% of Charah Solutions, an American company specialised in TIC (Testing, Inspection, Certification), in 2023, structured as a leveraged buyout (LBO).

How was the acquisition of Charah Solutions by SER Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $300–700M band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Charah Solutions’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Charah Solutions generated annual revenue estimated in the $250–500M range and EBITDA in the $5–25M bracket (FY 2022). Detailed financial figures are available to members.

How does the valuation of Charah Solutions compare to benchmarks in the Business Services sector?

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the Business Services sector (10.0x in 2023).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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