Months after a federal court blocked its last merger attempt, Waste Control Specialists (WCS) announced Friday that it has a new owner: private equity firm J.F. Lehman & Co.
The sale from holding company Valhi was made public after market close. The Lehman affiliate JFL-WCS
Partners LLC is now the owner of a 14,900-acre complex in Andrews County, Texas, licensed for permanent disposal of low-level radioactive waste (LLRW) and other waste types.
The sale price was not made public. In a press statement, Valhi said it had relinquished all financial assurance obligations for Dallas-based Waste Control Specialists, and that the new owner had taken on all of WCS’ third-party indebtedness and additional liabilities.
Lehman in 2017 also bought New York City-based nuclear decommissioning specialist NorthStar Group Services. NorthStar CEO Scott State has taken over as chief executive at Waste Control Specialists, replacing Rod Baltzer.
“WCS strengthens the opportunity for our team to provide a game-changing nuclear decommissioning solution. J.F. Lehman has a proven track record that will help WCS achieve its strategic plan and support its continued growth,” State said in a press release.
In a separate statement, Baltzer said he would remain a consultant at Waste Control Specialists for the ownership transition. He did not say how long that would last.
Valhi has for years sought to offload Waste Control Specialists, which has sustained significant financial losses in recent years. In November 2015, it announced a $367 million sale to rival low-level radioactive waste disposal provider EnergySolutions, of Salt Lake City. But the U.S. Justice Department sued to block the deal, and a federal judge last June ruled against it on antitrust grounds.
While it waited on the judicial ruling, WCS had asked the U.S. Nuclear Regulatory Commission to suspend review of its license application for a spent fuel storage facility it planned to add to its West Texas complex. While there was no official word Friday, the sale suggests the license application could at some point be revived.
