Crystal Clean Receives Unanimous Recommendation from Board of Directors for Proposed Merger

Crystal Clean, a leading provider of parts cleaning, waste disposal, and industrial services, has announced that its Board of Directors unanimously recommends that shareholders vote in favor of the proposed merger with J.F. Lehman & Company (JFLCO). The recommendation comes after independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. also recommended voting “FOR” the merger.

The proposed merger, valued at $45.50 per share in an all-cash transaction, is expected to close in the fourth quarter of 2023, subject to regulatory approvals, shareholder approval, and other customary conditions. Upon completion, Crystal Clean will become a privately held company, and its shares will no longer be listed on the Nasdaq Stock Exchange or any other public market.

Brian Recatto, President and CEO of Crystal Clean, expressed his satisfaction with the support from ISS and Glass Lewis, emphasizing the benefits of the merger with JFLCO. He believes that the transaction will strengthen Crystal Clean’s ability to serve customers and employees as a premier provider of environmentally-sustainable solutions nationwide.

Crystal Clean urges all shareholders to follow the recommendation of the Board of Directors and vote in favor of the merger. Shareholders with questions or needing assistance in voting their shares can contact Crystal Clean’s proxy solicitor, MacKenzie Partners, Inc.

Crystal Clean, headquartered in Hoffman Estates, Illinois, operates through 105 branch and industrial services locations, serving approximately 104,000 customer locations. The company provides parts cleaning, used oil re-refining, waste disposal, emergency and spill response, and other industrial and field services to various industries.

J.F. Lehman & Company is a private equity investment firm focused on the aerospace, defense, maritime, and environmental sectors. With approximately $4.5 billion of assets under management, the firm has a long-standing commitment to these industries.

As the proposed merger progresses, Crystal Clean will continue to provide updates to its shareholders and stakeholders. Shareholders are encouraged to review the Proxy Statement and other relevant documents filed with the U.S. Securities and Exchange Commission for detailed information about the proposed merger.