Environmental services firm secures private equity investment

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Michael Kulka. Courtesy PM Environmental

A Chicago-based private equity firm invested in a statewide environmental consulting firm with a Grand Rapids office.

PM Environmental said it secured a recapitalization investment from Chicago-based Keystone Capital Management in early December.

Founded in 1992, PM is an environmental risk management firm based in Lansing with offices throughout the state, including Grand Rapids, as well as in Alabama, Mississippi and Tennessee. Its services include environmental site assessments, brownfield redevelopment, environmental compliance audits, industrial hygiene services and underground storage tank management.

The partnership between PM and Keystone is part of PM’s strategy to drive consolidation and organic growth within the North American environmental risk management market, according to PM.

“The Keystone team has been a pleasure to work with,” said Michael Kulka, co-founder and CEO of PM. “Their track record of strengthening and growing leaders in the professional technical services space is impressive. We are excited about the future of PM. With support from Keystone Capital, we are confident that PM will experience smart growth, offering new service lines and geographic expansion opportunities.”

Founded in 1994, Keystone’s mission is to invest in and build a portfolio of high-quality, midsized businesses that are leaders in their markets. The firm is differentiated by its investment of personal capital and investment horizon flexibility, which has led to long-term operating partnerships with the professional management teams of its portfolio companies, Keystone said.

David Greer. Courtesy Keystone Capital Management

“PM is an ideal fit with our experience in the engineering and consulting industries,” said David Greer, managing director of Keystone Capital. “We are proud to be associated with PM, a long-standing leader in environmental consulting, and we look forward to further building on its successful legacy.”

PM is Keystone’s first investment partnership in the environmental risk management industry.

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