As global industries face increasing pressure to manage their environmental footprint, the specialized sector of refrigerant and industrial gas lifecycle management has emerged as a critical frontier for both regulatory compliance and corporate sustainability. In a significant move signaling a major consolidation within this space, the New York-based asset management firm J.F. Lehman & Co. (JFLCO) has successfully acquired majority stakes in two key environmental services companies, Reclamation Technologies USA LLC (RTI) and Tradewater LLC & Affiliates. This strategic transaction, conducted through its affiliate JFL Equity Investors VI LP, is not merely an acquisition but the foundational act of creating a new, growth-focused environmental services platform. The new entity is uniquely positioned to address the full lifecycle of industrial and refrigerant gases, from recovery and reclamation to the crucial mitigation of uncontrolled methane emissions, setting a new standard for comprehensive gas management in an evolving market.
Forging a Synergistic Environmental Powerhouse
The newly formed platform derives its strength from the distinct yet highly complementary expertise of its foundational companies. Indianapolis-based Reclamation Technologies USA LLC (RTI) operates as a cornerstone of the circular economy for refrigerants, providing a full suite of services that manage these substances from recovery to reuse. RTI’s comprehensive, end-to-end business model includes onsite gas recovery from various industrial and commercial systems, a critical first step in preventing atmospheric release. Following recovery, the company employs advanced reclamation and separation technologies to purify mixed gases, restoring them to industry standards for reuse. This is supported by an extensive cylinder exchange program that simplifies logistics for clients. By offering both high-quality reclaimed refrigerant gases and virgin alternatives, RTI provides a flexible and environmentally responsible solution for a diverse client base, solidifying its role as a vital player in sustainable resource management and waste reduction within the HVACR and industrial cooling sectors.
In contrast, Chicago-based Tradewater LLC & Affiliates brings a targeted and globally impactful mission to the platform, focusing specifically on the permanent elimination of high global-warming-potential gases. Tradewater’s expertise lies in the meticulous collection, control, and ultimate destruction of super-pollutants, including older refrigerants and potent methane emissions that pose a significant threat to climate stability. The company operates on a global scale, sourcing and aggregating these harmful gases from various locations where they might otherwise be vented into the atmosphere. Through a carefully coordinated process, Tradewater ensures the complete and verifiable destruction of these substances, effectively preventing tons of CO2-equivalent emissions. This proactive approach to climate change mitigation perfectly complements RTI’s reclamation services by providing a definitive end-of-life solution for gases that cannot be reclaimed or reused, thereby creating a truly holistic platform that addresses both the recycling and elimination aspects of gas management.
Strategic Vision and Leadership for a New Era
J.F. Lehman & Co. leadership has articulated a clear and ambitious strategy for the new platform, viewing these acquisitions as foundational investments in what they identify as a “growing and highly fragmented sector.” Glenn Shor, a managing partner at the firm, emphasized that the powerful combination of RTI’s reclamation capabilities and Tradewater’s destruction expertise immediately establishes a market leader. This new entity provides a robust foundation for an aggressive expansion strategy designed to capitalize on market opportunities and increasing environmental regulations. JFLCO’s forward-looking plan involves a dual approach to growth, leveraging both disciplined mergers and acquisitions (M&A) to integrate other specialized service providers and significant organic investment to enhance existing capabilities and expand service offerings. The ultimate objective is to position the platform as the undisputed “acquirer of choice” within the environmental gas management industry, attracting other leading companies and consolidating market share through strategic partnerships and further acquisitions.
To execute this ambitious vision, JFLCO partnered with a seasoned management team possessing deep experience in scaling specialized environmental services businesses, ensuring a smooth integration and a clear path toward future growth. Jeff Laborsky was appointed as the sector CEO, with Katelyn Imrie taking the role of sector President, both bringing extensive leadership credentials to the new platform. To maintain operational continuity and leverage existing expertise, Rodney Pierce will continue in his role as President of RTI. At Tradewater, a thoughtful leadership transition was orchestrated; co-founders Tim Brown and Gabriel Plotkin appointed Kirsten Dueck as the new CEO to steer the company’s next chapter, while they remained engaged with the business to provide strategic support. The successful completion of this complex transaction was facilitated by a team of expert advisory firms. A&O Shearman provided legal counsel to JFLCO, Brown Gibbons Lang & Co. advised RTI, and Cypress Capital served as the financial advisor to Tradewater, collectively ensuring a seamless and strategically sound foundation for the new venture.
