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CIVC Partners Teams With Management to Acquire Thermo Fluids Inc.


CIVC Partners, L.P. announced today that it has teamed with management to complete its acquisition of TFI Holdings, Inc. and its wholly-owned subsidiary, Thermo Fluids Inc., the largest producer of commercial fuel oil from recovered used oil in the western United States. Although terms of the transaction were not disclosed, Thermo Fluids’ management team and former shareholders retained an ownership position in the Company.

Thermo Fluids is the leading provider of used oil collection services offering a “one-stop” and environmentally-conscious waste disposal solution to its used oil-generating customers, including quick lube stations, automotive service companies, auto dealerships, mining operations, and industrial companies, as well as third-party used oil collectors. The Company reprocesses the collected used oil into commercial fuel oil, which is sold principally to asphalt and paper companies as an alternative energy source for use in heating large fuel-burning furnaces. For additional information about Thermo Fluids, visit its website at www.thermofluids.com.

“We are thrilled to be partnering with a CIVC team that enthusiastically supports our vision for Thermo Fluids. Everyone at the Company looks forward to entering this next stage of growth and is eager to work with CIVC to execute our multi-faceted plan for expansion,” said Ian Hislop, Chairman of Thermo Fluids.

Keith Yamada, a partner at CIVC, commented “Over the last several years, the Thermo Fluids management team has achieved outstanding growth and transformed the Company into the market leader in the western United States. Such growth has been achieved through a combination of strong management leadership, disciplined operating processes, Greenfield facility expansions, and acquisitions. CIVC has tremendous confidence in Ian Hislop, Bill Newton and the first-class management team at Thermo Fluids and plans to fully support their strategy for continued growth.”

RBS Securities Corporation led the debt financing as Sole Lead Arranger and Sole Book Running Manager to support CIVC Partners’ acquisition of Thermo Fluids. Madison Capital Funding LLC also provided debt financing and served as Syndication Agent.

For more information, please contact:

Keith Yamada
CIVC Partners
(312) 873-7360

David Miller
CIVC Partners
(312) 873-7305

Press Contact
Patty Walker
CIVC Partners
(312) 873-7300