ICV Partners Makes Strategic Investment in Asbestos Abatement Leader in California

ICV Partners Acquires Environmental Remedies, Expanding Asbestos Abatement Services

On January 27, 2025, ICV Partners, LLC, a prominent investment firm specializing in the lower middle market, announced its acquisition of a substantial stake in Environmental Remedies, LLC (ERI), the leading asbestos abatement service provider in California. Founded in 2004, ERI has earned a solid reputation by offering high-quality asbestos removal services targeted at remediation companies, insurance entities, and private homeowners throughout the state.

Understanding the Importance of Asbestos Abatement

Asbestos, a hazardous material often found in older buildings, requires meticulous handling and disposal to mitigate health risks. In California, known for its stringent environmental regulations, effective asbestos abatement services are crucial. ERI's focus on essential demand drivers such as fire and water damage positions it favorably within this niche market.

Scott Tamayo, ERI's CEO, expressed enthusiasm regarding the partnership with ICV, stating, "ICV is a great fit for the vision we have for ERI. They bring invaluable expertise in helping founder-led businesses thrive and scale. Their support will allow us to enhance our infrastructure, advance our leadership capabilities, and boost our operational efficiency."

ICV's Strategic Vision

From ICV's perspective, this acquisition aligns perfectly with their investment strategy, which aims to support essential service providers that address non-discretionary needs. Jermaine Warren, Managing Director at ICV Partners, underscored this point: "After thorough research and evaluation of multiple investment opportunities, we believe ERI is uniquely positioned to capitalize on both organic and inorganic growth opportunities in the residential services sector."

Furthermore, ICV's expertise in working with family-owned and founder-led companies bodes well for ERI's future. The investment firm intends to leverage its resources to support ERI's geographic expansion and integration of additional acquisitions, signifying a future of growth and development for ERI within the asbestos abatement industry.

The support from ICV is expected to bolster ERI's operational capabilities significantly. Brad Steinle, President of ERI, stated, "With ICV's backing, we will enhance our operational capabilities, invest in our team, and expand our footprint in the market. This partnership opens new avenues for growth, positioning us as a leader in safe and compliant asbestos remediation."

About ICV Partners and Environmental Remedies

Founded in 1999, ICV Partners has cultivated a strong track record within private equity, focusing on managing lower middle market companies to facilitate transformational growth. Celebrating its 25th anniversary, ICV aims to make equity investments ranging from $25 million to $250 million in promising operationally sound and growth-oriented enterprises.

On the other hand, Environmental Remedies has solidified its status as California's premier residential asbestos abatement specialist. Operating across various regions, including the Bay Area, San Diego, and the Inland Empire, ERI is dedicated to providing safe, high-quality services in compliance with relevant regulations, emphasizing the importance of safety and quality in every project.

The acquisition marks a significant milestone for both ICV and ERI, reflecting their commitment to leading the asbestos abatement industry while enhancing operational capabilities through strategic partnership. As the partnership unfolds, the industry anticipates key developments that could shape the future landscape of asbestos abatement services in California.