Chartwell is pleased to announce Blackstone has successfully completed a minority equity investment in Salas O’Brien, a leading employee-owned engineering and technical services firm.

News Category: Recent Transactions

Chartwell is pleased to announce the sale of Angelo’s Aggregate Materials (dba Angelo’s Recycled Materials), a Florida-based leading, vertically integrated provider of commercial waste management and recycled materials services to GFL Environmental Inc. (NYSE: GFL) (TSX: GFL). Angelo’s had been family-owned by its founders, the Iafrate family, since inception. Chartwell served as the exclusive financial advisor to Angelo’s, providing comprehensive and unbiased counsel to the Iafrate family for several years and throughout the duration of the successful M&A transaction process.

With the addition of Angelo’s, GFL will expand its geographic reach into central Florida, providing strategic access to—and a Class III landfill within—one of the fastest growing regions in the U.S. Additionally, Angelo’s will provide GFL with exposure to new revenue opportunities with a robust aggregate materials recycling business line.

Angelo’s engaged Chartwell to lead and execute the complete M&A transaction process. With Chartwell’s in-depth expertise, Chartwell provided objective counsel and facilitated negotiations on behalf of Angelo’s to ensure a successful outcome. Angelo’s was also represented by Holland & Knight LLP, acting as legal counsel to Angelo’s, and Jeffrey C. Shannon P.A., acting as legal counsel to the Iafrate family. The sale transaction was completed on April 1, 2024.

About Angelo’s Aggregate Materials

Based in Tampa, Florida, Angelo’s Aggregate Materials is a leading, vertically integrated provider of commercial waste management and recycled materials services in the greater Tampa Bay and Orlando areas. Angelo’s is the regional market leader in concrete and asphalt recycling and crushing, construction & demolition (“C&D”) waste management & collection services, and rolloff dumpster rentals. Angelo’s also owns and operates a Class III landfill strategically located between Tampa and Orlando.

About GFL Environmental Inc.

Headquartered in Vaughan, Ontario, GFL Environmental is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. Across its organization, GFL has a workforce of more than 20,000 employees.

Chartwell Contact

For additional information on this transaction, please contact Greg Fresh or Matt Ewing. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

Chartwell is pleased to announce Blackstone has successfully completed a minority equity investment in Salas O’Brien, a leading employee-owned engineering and technical services firm. The new investment provides shareholders of Salas (or the “Company”) with meaningful liquidity for continued growth. Additionally, Blackstone will enhance Salas’ access to resources and talent to better service clients and support the Company’s proven acquisition strategy.

Chartwell served as Blackstone’s financial advisor for the transaction, providing valuation and structure insight as well as serving as strategic counsel as Blackstone considered multiple facets of this opportunity. Through the transaction, Blackstone gains a partnership with a fast-growing company positioned to accelerate growth via strategic growth initiatives and capitalize on industry tailwinds. Blackstone is excited to take part in the next chapter of Salas O’Brien’s history.

About Blackstone

Blackstone (NYSE: BX) is the world’s largest alternative asset manager. Blackstone seeks to create positive economic impact and long-term value for investors, relying on extraordinary people and flexible capital to help strengthen the companies invested in. Blackstone has over $1 trillion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

About Salas O’Brien

Founded in 1975, Salas O’Brien is an employee-owned engineering and technical services firm focused on advancing the human experience through the built environment. The team is engineered for impact™, helping clients achieve critical goals, advancing team members through growth and opportunity, and operating at the center of important global issues, including sustainability and decarbonization. Salas is a top firm as ranked by Engineering News-Record and Consulting-Specifying Engineer and has appeared for the past eleven years on the Inc. 5000 list of North America’s fastest-growing private companies.

About Chartwell Financial Advisory

Chartwell provides comprehensive financial advisory solutions to companies across the full spectrum of the middle market. With substantial corporate finance and capital markets expertise, the Chartwell team works with clients to deliver independent, solutions-based advisory services that are unbiased to outcome, free from conflicts, and focused on optimizing client objectives. For additional information on this transaction and Chartwell’s corporate finance capabilities, please contact Greg Fresh.

About Chartwell’s AE Industry Vertical

Primarily serving employee-owned firms and investors, Chartwell’s architecture and engineering (AE) industry vertical has counseled some of the largest and most well-known AE firms in the U.S. Providing a full complement of financial advisory services, Chartwell has advised on more than 250 AE mandates over the past three years. For more information about Chartwell’s AE practice and capabilities, please contact Joe Skorczewski.

Chartwell is pleased to announce that WAEV recently closed on a new senior secured revolving credit facility. Proceeds from the facility were primarily utilized to support near- and long-term working capital requirements. The newly funded credit facility (the “Revolver”), provided by JPMorgan Chase Bank, N.A., provides WAEV (the “Company”) with operating flexibility and liquidity to support its strategic growth initiatives as a standalone entity while also supporting working capital needs associated with its significant order book of new business. Additionally, WAEV has access to incremental capital through an accordion that allows the Company to upsize the Revolver to further support management’s corporate strategic objectives.

Chartwell served as WAEV’s exclusive financial advisor for the capital raise, providing strategic counsel to the Company as it evaluated its numerous financing alternatives in pursuit of sustainable growth and significant operating flexibility. The Revolver provides WAEV, which was spun out of Polaris Inc. (NYSE: PII) in 2021, with the necessary capital to rapidly scale its business as a standalone entity, capturing market share in the expanding low-speed mobility sector.


“We were honored to work with the WAEV management team on this important transaction to help support the Company as a standalone entity and provide growth capital. Because of WAEV’s strong reputation for quality products and deep industry expertise, we were confident that we could assist in finding a flexible and tailored credit solution that specifically met the Company’s needs and could support management’s strategic objectives. The solution came in partnership with JPMorgan’s Green Economy Commercial Banking team, who were eager to be part of the next chapter of the Company’s story as it pursues sustainable growth within the clean mobility industry. We are excited to watch WAEV’s growth story over the next several years.”

– Ryan Rassin, Managing Director, Chartwell


About WAEV

WAEV is an electric mobility vehicle pioneer poised to capitalize upon the electrification and mobility trends in the low-speed mobility sector. The Company engineers, manufactures, and distributes low-speed electric vehicles for consumer, commercial, and industrial applications via three stalwart brands: GEM, Taylor-Dunn, and Tiger, each commanding decades of dealer and user confidence.

Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

ryan rassin headshot
Ryan Rassin, Managing Director
Corporate Finance
ryan.rassin@chartwellfa.com
312-638-5662
greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125

A Top 50 private equity firm engaged Chartwell to provide M&A buy-side transaction advisory services on its platform acquisition of a company that is 100% owned by an Employee Stock Ownership Plan (“ESOP”).

Given the unique complexities of an ESOP ownership structure, Chartwell was selected to serve as the exclusive buy-side advisor for all ESOP-focused financial advisory and investment banking services with respect to the acquisition. Chartwell helped navigate the ESOP complexities throughout the entire process, educating both the private equity firm and target company’s board of directors and management team in developing an optimal transaction structure that sets the company up for continued success in its next chapter of ownership and growth.

Chartwell utilized its distinctive M&A and ESOP expertise to develop creative solutions for ensuring employee engagement and retention post-closing. The resulting structure is one that continues to provide the benefits of broad-based employee ownership, as well as a retention program that will help to motivate employees through the ownership transition.


“Chartwell’s strategic guidance and knowledge were instrumental in developing a superior outcome in our acquisition of the target platform. Chartwell differentiated themselves with their deep knowledge of ESOPs, which enabled their team to advise us on how to best structure the acquisition. The ultimate structure, terms, and conditions exceeded our expectations, owing to their advice and overall commitment to the deal. We rely on Chartwell for its expertise as we further explore acquisitions of employee-owned companies.”

– Principal of Private Equity Firm

“We have been continuously impressed by Chartwell throughout the transaction process. While Chartwell was officially an advisor to the buy-side team, they were a remarkable asset to the entire transaction and provided valuable insights to all parties involved. Their contributions led to the best possible outcome for our employee owners and positioned our company for success.”

– President of Acquired Target


Chartwell is a national leader in financial advisory. We provide consulting, corporate finance, transaction opinion, and valuation services to privately-held middle-market companies across an extensive array of industries. Our comprehensive expertise allows us to offer a variety of services to companies with a focus on the long run.

Chartwell Contact

For additional information on this transaction or to learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh or Matt Dennison.

greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125
Matt Dennison headshot
Matt Dennison, Vice President
Corporate Finance
matt.dennison@chartwellfa.com
612-351-5259

Chartwell is pleased to announce the sale of Comet Electric, Inc. to an undisclosed acquirer. Chartwell served as the exclusive financial advisor to Comet , providing comprehensive, unbiased counsel to the board of directors.

The combined platforms further enhance Comet’s capabilities as well as provide economic and strategic resources to better serve its customers. Comet will expand the buyer’s geographic reach into Southern California while also providing deep experience in transportation and general electrical contracting.

Comet engaged Chartwell to lead and execute the full transaction process. With Chartwell’s in-depth expertise in M&A transactions and the construction and engineering industries, Chartwell provided objective counsel and facilitated negotiations on behalf of Comet to ensure a successful outcome.


“We couldn’t have done this without the expertise and guidance of Chartwell’s team. From the initial meeting to the final closing, Chartwell provided invaluable support and advice throughout the process. Chartwell’s M&A knowledge, professionalism, and responsiveness led to the completion of this transaction despite market changes during negotiations. With their help, we were able to find a partner that will help Comet continue to grow.”

Adam Saitman, President & CEO, Comet Electric


About Comet Electric

Based in Chatsworth, California, Comet Electric is a leading electrical design services and installation firm serving general contractor partners and end customers in the Greater Los Angeles area. The Company provides a wide array of installation and design services to the utility infrastructure, aviation, public works, public transportation, industrial, commercial, street lighting and traffic signal, and education sectors and offers design-build, design-assist, and value engineering services.

Chartwell Contact

For additional information on this transaction, please contact Wil Becker. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

wil becker headshot
Wil Becker, Managing Director
Corporate Finance
wil.becker@chartwellfa.com
612-230-3130
greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125

Chartwell is pleased to announce MacArthur Co. has acquired American Metals Supply Co. (AMS), a leading wholesale distributor of sheet and coil steel, prefabricated duct and fittings, and a complete line of HVAC products. Combined, MacArthur and AMS will service the western two-thirds of the U.S. and be one of the largest distributors of HVAC and related products.

Chartwell advised MacArthur’s board of directors on investment considerations and purchase price as well as financing needs to fund the acquisition and the ongoing working capital requirements of the combined companies. Chartwell managed the due diligence process and effectively negotiated deal terms and conditions opposite AMS’s financial advisors to successfully close the transaction.


“Chartwell has been a trusted advisor to MacArthur for almost 20 years and has advised us in completing a number of strategic acquisitions. The purchase of AMS is yet another reason why we are so very fortunate to have Chartwell’s expert advice. Chartwell’s experience negotiating transactions, combined with their in-depth understanding of our unique business needs, make them the ideal partner for MacArthur and our employees.”

– Barrett Moen, CEO, MacArthur Co.


About MacArthur

Founded in 1913, MacArthur and its wholly-owned subsidiaries provide industry-leading distribution of building products, including insulation, lumber, HVAC, and roofing products as well as the manufacture of pre-engineered buildings. MacArthur operates in over 50 locations throughout the U.S. and has been 100% employee-owned since 2004.

About American Metals Supply

Founded in 1962, American Metals Supply is a leading distributor of galvanized steel, HVAC, and related products. AMS serves commercial contractors and fabricators across multiple end markets, including manufacturing, distribution, office, government, education, and healthcare. Headquartered in Springfield, Illinois, AMS operates nine locations and distributes its products throughout the Midwest and Southwestern U.S.

Chartwell Contact

For additional information on this transaction, please contact Wil Becker. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

wil becker headshot
Wil Becker, Managing Director
Corporate Finance
wil.becker@chartwellfa.com
612-230-3130
greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125

Chartwell is pleased to announce New Wave Entertainment has successfully completed a refinancing of its existing senior debt credit facility. The new facility, led by Star Mountain Capital and EastWest Bank, provides New Wave (the “Company”) with significant capacity and operating flexibility as it evolves in conjunction with the entertainment industry’s shift towards digital consumption.

In addition, Star Mountain and a consortium of private investors have committed incremental capital to support New Wave Entertainment’s growth initiatives. Funds will be utilized for the following purposes:

  • Produce new comedy and pop culture content stewarded by New Wave Entertainment’s sister firm, The Nacelle Company, LLC (“Nacelle”). Nacelle currently maintains the largest independent comedy content library in the industry and a growing library of documentary series, producing for A-list names such as Zac Efron, Kevin Hart, Jim Gaffigan, and more. Alongside comedy and documentary content, Nacelle will continue to curate and license specials, shows, IP, books, and toys as a clearing house for all things pop-culture
  • Support the Company’s buildout of industry-leading software, hardware, cybersecurity systems, and engineering talent required to provide finishing and editing services for the world’s premier theatrical and streaming content producers. The Company’s state-of-the-art facilities have serviced blockbuster productions for over 25 years and are constantly evolving to meet new industry standards

Concurrent with the refinancing, New Wave Entertainment and Nacelle have effectuated a restructuring of their respective ownership structures, ensuring long-term alignment of the two businesses.

Chartwell acted as the exclusive financial advisor to New Wave Entertainment, providing counsel to the senior management team on all facets of the transaction.

About New Wave Entertainment

New Wave Entertainment is a leading independent creative entertainment marketer, digital editor, and comedy content curator in the entertainment industry. The Company provides finishing services, trailers, TV spots, digital distribution, and more to a diverse end market of clients including major studios and streaming platforms. New Wave Entertainment is a 100% ESOP-owned business and prides itself on generating value for its employee ownership base.

Chartwell Contact

For additional information on this transaction, please contact Will Bloom. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

will bloom headshot
Will Bloom, Managing Director
Corporate Finance
will.bloom@chartwellfa.com
312-638-5651
greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125

Chartwell is pleased to announce that Chemonics International, Inc. has successfully completed a refinancing of its existing senior debt credit facility. The new facility provides Chemonics (the “Company”) with significant financial flexibility and capacity to support its new business initiatives and long-term strategic plans. Chartwell acted as the exclusive financial advisor to Chemonics, providing counsel to the senior management team on all facets of the transaction.

In the refinancing, Truist and Citibank are the senior lenders to Chemonics and provide the capital to support the Company’s growth initiatives through a cash-flow based revolving credit facility that maximizes operating flexibility. Additionally, Chemonics has access to incremental capital through an accordion feature that allows the Company to upsize the revolving credit facility to further finance organic and inorganic opportunities in support of its strategic objectives.

About Chemonics

Chemonics is a leading international development consulting firm applying a suite of consulting services to foreign aid operations in over 80 countries across the globe. The Company provides an extensive array of services in areas such as health, government, agriculture, education, supply chain administration, aid distribution, humanitarian assistance, and more. With a long-term track record of successful project implementation, Chemonics has earned a reputation as the go-to executor of development assistance goals for a host of governments, NGOs, and charities worldwide. Chemonics is a 100% ESOP-owned business and prides itself on generating value for its employee ownership base.

Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

ryan rassin headshot
Ryan Rassin, Managing Director
Corporate Finance
ryan.rassin@chartwellfa.com
312-638-5662
greg fresh headshot
Greg Fresh, Managing Director
Head of Corporate Finance
greg.fresh@chartwellfa.com
612-230-3125

Chartwell is pleased to announce D.P. Nicoli, Inc. has completed a recapitalization transaction whereby 100% of its equity ownership will be transitioned to a newly formed Employee Stock Ownership Plan (ESOP). In support of future growth, Chartwell raised a senior credit facility provided by CIT, a division of First Citizens Bank, and a mezzanine credit facility provided by Cyprium Partners. The CIT and Cyprium Partners credit facilities offer D.P. Nicoli (the “Company”) strategic partnerships to facilitate long-term growth and the generation of meaningful retirement assets for ESOP participants via significant capacity, flexibility, vision, and cultural alignment with the Company’s founder and employees. Chartwell acted as the exclusive financial advisor to D.P. Nicoli throughout the transaction and the associated capital raises.

“At some point in an entrepreneur’s life, succession planning must take center stage. My number one goal was to preserve the Company’s best assets, its employees and corporate culture,” said Dave Nicoli, Founder and CEO of D.P. Nicoli. “By transitioning ownership of the Company to our employees, not only have I met that goal, but I have created the opportunity for a life changing event for the very people who have worked so hard to make this Company what it is today.”

Following a comprehensive review of strategic alternatives led by Chartwell, including the solicitation of indications of interest from potential acquirers, the Company elected to proceed with the Transaction and 100% ESOP ownership to foster continued employee engagement, bolster employee retention and recruitment efforts, provide increased retirement benefits, proliferate the safety and employee-first culture and legacy created by Dave Nicoli, and embark on a strategic ownership transition.


“I couldn’t be happier with the outstanding outcome realized for our employees and shareholders, which was only possible with the dedicated expertise and guidance Chartwell provided. Chartwell kept the vision and mission of D.P. Nicoli at the forefront in each step of the process, ensuring D.P. Nicoli and its employees were set up for success and continued growth. We can’t thank Chartwell enough for its role in achieving a life changing outcome for all of D.P. Nicoli and ensuring that the culture and legacy of the Company perseveres for generations.

Dave Nicoli, Founder & Chief Executive Officer, D.P. Nicoli

“We were continuously impressed by Chartwell’s ESOP and capital markets expertise and support for the management team in all facets of this process. This Transaction transformed not only our ownership structure but also provided us with the capital necessary to execute on our growth plans. Chartwell provided us with expert guidance across a wide range of topics including succession planning, ESOP design, capital structure, soliciting M&A offers, and tax considerations. We are extremely excited about our future as an employee-owned company, our partnership with CIT and Cyprium Partners, and the long-term growth and success to come for D.P. Nicoli.

Stephanie Nanna, Chief Operating Officer, D.P. Nicoli


About D.P. Nicoli

Based in Lake Oswego, Oregon, D.P. Nicoli is one of the largest and most respected independent rental providers of steel plate and shoring equipment to public utilities, regional and municipal governments, and underground contractors on the West Coast. Founded in 1982 by Dave Nicoli with a steadfast commitment to ensuring safe jobsites for customers, the Company has grown to ten locations across California, Oregon, Washington, and Idaho. The Company provides a homogenous, one-stop resource for the shoring and safety needs of the heavy construction industry renting steel plates, shoring, slide rail, pipe plugs, and other products.

Chartwell Contact

For additional information on this transaction and learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.

Chartwell is pleased to announce the recapitalization of Pen-Link, Inc. with Spire Capital Partners in partnership with management. With Spire’s deep sector expertise and network of relationships, this partnership positions PenLink (the “Company”) to further enhance its solution offerings, customer support capabilities, and accelerate growth domestically and internationally. Chartwell served as the exclusive financial advisor to the Company and the Special Committee of its Board of Directors, providing comprehensive, unbiased counsel focused on ensuring an optimal outcome for all parties, including its Employee Stock Ownership Plan (ESOP) and management shareholders, as well as other stakeholders such as customers, industry partners, and employees.

“As a leading private equity investor in govtech and technology-enabled companies, with an exceptional track record of partnering with management teams to build category leaders, Spire Capital is an ideal partner for PenLink,” said Kevin Pope, PenLink’s CEO. “Their demonstrated success over 20 years of investing in middle market companies, deep expertise in both software and law enforcement, and the value-added resources they bring uniquely position them to help PenLink deliver even greater value to our customers, accelerate our growth, and execute on acquisitions.”

“PenLink’s breadth and depth of solution offerings and unmatched customer support creates truly differentiated services for law enforcement officers who are protecting our country,” said Sean White, Partner at Spire Capital. “Kevin and the team have done an incredible job growing the Company, expanding beyond traditional telephonic communication analysis to the cutting edge of social media data analysis. Spire Capital looks forward to assisting management in executing on their vision for the Company.”

Based in Lincoln, Nebraska, PenLink is a leading global provider of state-of-the-art, judicially mandated communication collection and analysis solutions for law enforcement. The Company leverages the passionate support for law enforcement across its employee base to develop and market an industry-standard setting suite of capabilities for local, state, federal, and international crime fighting agencies to conduct judicially authorized wiretaps and collect, store, analyze, and create actionable insights from communication datasets that commonly exceed billions of individual records and interactions.

PenLink originally formed an ESOP in 2007 to reward and incentivize its employees for their continued dedication to growing the Company. Over the subsequent 15 years, PenLink, guided by Mr. Pope and his best-in-class management team, has grown into one of the largest communication collection and analysis providers in the fast-growing law enforcement software market.

Following a review of strategic alternatives led by Chartwell and the Special Committee, the Company elected to proceed with a sale transaction.  In executing the transaction, Chartwell leveraged its in-depth expertise in ESOPs and M&A transactions to create differentiated positioning of the business, leading to a vibrant market for PenLink and ultimately a successful transaction that enabled the ESOP, management, and shareholders to recognize an impressive premium over prior expectations.


We are extremely pleased with the outcome realized by Chartwell for the benefit of our employees through the ESOP. While we considered many firms to advise us in this process, Chartwell’s unique positioning of PenLink, unrivaled M&A and ESOP experience, and guidance through a comprehensive marketing process resulted in the best possible outcome, and Chartwell more than delivered on every commitment they made to us. Chartwell’s team is personally invested in our success and fought for us at every step – no way we could have achieved this tremendous result without them.”

Kevin Pope, Chief Executive Officer, PenLink

We have been continually impressed by Chartwell’s M&A expertise, ability to navigate around the complexities of an ESOP in a broad marketing process, and support for the management team in all facets of this process. As the most experienced advisors to ESOP-owned companies exploring a sale, Chartwell provided valuable insights that resulted in a superior outcome to that which would likely have been attained by other advisors.  In doing so, Chartwell navigated a number of complex financial issues while also creating in-depth analyses to help management portray their vision of the Company and its future, which culminated in a premium result for our employees.”

Pat Severson, Chief Financial Officer, PenLink


Founded in 1986, PenLink is a leading global provider of state-of-the-art communication collection and analysis solutions for law enforcement. The Company offers a deep suite of software solutions which allows law enforcement, ranging from state and local, federal, and international, to analyze massive amounts of data and create actionable insights. PenLink’s solutions are mission-critical to law enforcement, allowing them to conduct communication-based investigations and create the insights which support their ongoing missions. The Company is based in Lincoln, Nebraska.

About Spire Capital Partners

Spire Capital is a private equity firm with an investment focus in small market companies within the technology-enabled business services, media, communications, and education sectors. Spire Capital is a New York-based investment advisor founded on the principle of partnering with management teams and founders to help effectuate the next stage of growth for their companies. Spire professionals have a broad array of past operating, investing, and advisory experiences they leverage to help portfolio companies accelerate growth, guide strategic direction, and execute their business plan.

Chartwell Contact

For additional information on this transaction and to learn more about Chartwell’s corporate finance capabilities, please contact Greg Fresh.


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