Goldman Sachs Alternatives to Acquire Liquid Environmental Solutions, a Leading Provider of Non-Hazardous Liquid Waste Management Services in the United States
NEW YORK (July 22, 2025) – Infrastructure at Goldman Sachs Alternatives today announced they have entered into a definitive agreement to acquire Liquid Environmental Solutions, a leading provider of non-hazardous liquid waste management services in the United States, from Audax Private Equity.
Founded in 2002, Liquid Environmental Solutions (LES) is a leading national service provider within the circular economy, managing non-hazardous liquid waste for its blue-chip customer base through a high-quality network of scaled infrastructure assets. LES collects, treats, and beneficially recovers materials from a variety of liquid waste sources including grease traps, oil water separators, used cooking oil and other non-hazardous liquid waste for the restaurant, grocery chain, hospitality, education, and environmental services sectors. The company services its highly diversified customer base from a network of 64 service locations and 26 treatment and processing facilities strategically located across the United States.
Infrastructure at Goldman Sachs Alternatives has a long history of partnering with businesses across its four key thematics of circular economy, digital infrastructure, energy transition, and transportation & logistics, to support their growth and operational excellence.
Jerry Sheridan, CEO of Liquid Environmental Solutions, said: “The LES team is thrilled for this next chapter of growth alongside the Goldman Sachs Alternatives platform. LES is committed to delivering best-in-class service for our customers and communities, and the partnership with Infrastructure at Goldman Sachs Alternatives will accelerate our growth and investment in both existing and new infrastructure. We look forward to further expanding our non-hazardous liquid waste service network across North America, and are excited for the partnership and the years of growth to come.”
Cedric Lucas, Partner in Infrastructure at Goldman Sachs Alternatives, said: “We are excited to partner with Jerry and the entire LES team and to support the business on its continued path for robust and sustainable growth both organically and inorganically. This investment highlights the strength of our circular economy practice and our differentiated expertise, track record, and sourcing capabilities in the sector. We plan to invest in organizational, technology, and operational initiatives that will further enhance LES’ capabilities and benefit its customers, communities and other stakeholders.”
The closing of the transaction is subject to the satisfaction of customary closing conditions.
Houlihan Lokey served as lead financial advisor to LES and Audax Private Equity, with Baird serving as co-advisor and Ropes & Gray and Frederikson & Byron acting as legal counsels. Stifel served as financial advisor and Simpson Thacher & Bartlett served as legal counsel for Goldman Sachs Alternatives.
About Infrastructure at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.3 trillion in assets under supervision globally as of June 30, 2025.
Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $16 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including circular economy, digital infrastructure, energy transition, and transportation & logistics.
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