LOUISVILLE, Ky. – Charah Solutions has sold Allied Power Holdings, its subsidiary engaged in maintenance, modification and repair services to the nuclear and fossil power generation industry, to an affiliate of Bernhard Capital Partners Management, the company’s majority shareholder, in an all-cash deal for $40 million.
“Charah Solutions is laser-focused on capturing a significant share of the $75 billion ash environmental remediation and byproduct recycling market, and this transaction strategically positions the company to devote its full attention and resources to these higher margin and higher growth opportunities. We also significantly strengthened our balance sheet and reduced leverage by applying the full amount of the net proceeds to debt repayment, and we improved our cash flow and available liquidity,” said Scott Sewell, president and chief executive officer of Charah Solutions.
Charah Solutions is a provider of environmental services to the power generation industry. Based in Louisville, Ky., Charah Solutions assists utilities with all aspects of managing and recycling ash byproducts generated from the combustion of coal in the production of electricity.