March 19th, 2019

Clearwell Group acquires South Carolina-based Nu-Life Environmental

CLEARWELL GROUP HAS CLOSED ON ITS SECOND ADD-ON FOR IRON CONTAINER, ITS WASTE MANAGEMENT CONTAINER, EQUIPMENT, AND PARTS PLATFORM, WITH THE ACQUISITION OF SOUTH CAROLINA-BASED NU-LIFE ENVIRONMENTAL.

Tampa, FL – March 19, 2019 – Clearwell Group announced today that it has acquired Nu-Life Environmental (“Nu-Life” or “Company”), an Easley, South Carolina-based manufacturer of waste-management containers and equipment, through its portfolio company Iron Container.

Founded in 1979 by the Hendricks family, Nu-Life is one of the Southeast’s leading manufacturers of waste management containers and equipment.  From its three facilities in Easley, SC, the Company provides containers and compactors, as well as hook lifts, cable hoists, grapple loaders, and parts, service, and distribution offerings to its customer base across South Carolina, North Carolina, Georgia, Tennessee, Virginia, and Florida. 

“We are excited to partner with Clearwell Group to help continue to cement Nu-Life’s legacy of superior waste management products and customer service throughout the Southeast,” said Tim Hendricks, President of Nu-Life.“For the past 40 years, Nu-Life has worked to grow the business from a small operation into the regional provider that it is today without sacrificing quality or customer service. We look forward to partnering with Clearwell Group and Iron Container in our next chapter of growth.”

“I look forward to working with the Nu-Life team as we continue to grow Iron Container’s footprint throughout the Southeast and beyond,” said John Martorana, President of Iron Container.“This is our second acquisition in partnership with Clearwell Group, and we look forward to capitalizing on the opportunity to continue to work with Clearwell Group to grow the Iron Container brand.”

“We are excited to work with the combined Nu-Life and Iron Container teams to build one of the leading manufacturing businesses in the waste management industry,” said Ryan Cortner, Partner at Clearwell Group. “By partnering with Nu-Life, we are able to bring new products, customers, and geographies that complement Iron Container’s existing offerings and allow us to more comprehensively service customers in our market.”

Sterling National Bank provided debt in support of the transaction.

“We are thrilled to again partner with Clearwell Group and their investment in Nu-Life Environmental. The Company has a strong track record of success, and we are excited to be a part of this next phase with Iron Container,” said Barbara Coffin, Vice President of Sterling National Bank.

ABOUT CLEARWELL GROUP

Clearwell Group makes control and meaningful minority investments in companies located in the southeastern United States, with a focus on the state of Florida. We invest with the belief that businesses should generate positive investment return in addition to positive significance. We support high-integrity entrepreneurs with a collaborative approach to creating value that leverages experience and network. This aligns our interests with management to achieve the best possible outcome with the right amount of capital over the right period of time. Unlike the traditional fund structure, we bring patient capital to bear without artificial time constraints. Industries of particular interest include manufacturing, business services, healthcare, software, and financial services.

ABOUT STERLING NATIONAL BANK

Sterling National Bank, the principal subsidiary of Sterling Bancorp, specializes in the delivery of banking services and solutions–to business owners, their families, and consumers within the communities we serve–through teams of dedicated and experienced relationship managers. Sterling offers a complete line of corporate banking and consumer banking products and services.

CLEARWELL GROUP’S DIRECT INVESTMENT CRITERIA

We are a family office based in Tampa, FL. The goal of our direct investment effort is to build a family of businesses continuing the legacies started by great family entrepreneurs.

Our principals have over 35 years of investment experience covering hundreds of individual investments in dozens of industries. Clearwell Group makes control and meaningful minority investments in companies located in the southeastern United States with a focus on the state of Florida.

Financial criteria for our investments is as follows:

Industries of particular interest include manufacturing, business services, healthcare, software, and financial services. We work with exceptional, entrepreneurial-minded management teams with a vision for growth. We welcome family businesses into our family and are committed to building lasting, well-capitalized, meaningful businesses and brands.

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