Intrepid announced today that it acted as the exclusive financial advisor to CleanStreet, Inc., the largest provider of street sweeping services in California, on its sale to Sweeping Corp. of America (SCA), the largest power sweeping company in the United States. SCA is a portfolio company of private equity firm Warburg Pincus.
CleanStreet was founded by entrepreneur Jere Costello as a one sweeper operation in Gardena, Calif. in the 1960s and grew into one of the largest providers of sweeping services in the nation. CleanStreet’s growing customer base spans over 70 municipalities that hire the company year after year because of its ability to deliver high-quality, dependable, and responsive service, and because of its uncompromising commitment to integrity and safety.
“The CleanStreet team is thrilled to enter the next chapter of its story with SCA. From the outset, we sought a partner who shares our customer-centric vision and is capable of supporting our growth plans, both through organic initiatives and through acquisitions,” reflected Jere Costello, Founder and Chairman of CleanStreet. “The partnership with SCA will allow us to accelerate sales and marketing efforts and help us to identify strategic relationships and acquisition opportunities throughout the Western United States.”
Headquartered in Cleveland, Ohio, SCA self-performs power sweeping for highways, streets, industrial and commercial applications for private and government entities. Since its inception in 2017, SCA has acquired 21 companies, including three in 2021. With these transactions, SCA has grown its team to more than 1,100 employees in 40 locations.
“CleanStreet is a strong fit for our platform and we believe there is significant opportunity to retain and grow its market-leading position. Our investment demonstrates SCA’s ongoing commitment to backing leading entrepreneurial companies that provide best-in-class services. This acquisition positions SCA well to capitalize on the significant market opportunity in California,” said Chris Valerian, President and Chief Executive Officer of SCA.
“Intrepid worked relentlessly – and seemingly without sleep – to deliver the optimal outcome for CleanStreet and its employees,” commented Jeremiah Costello, Chief Executive Officer of CleanStreet. “The process was far more complex than I ever imagined, but we were at ease the entire time, knowing Intrepid was there to guide us through the complexities and that they were on top of every detail and every deadline.” “Intrepid exhibited a unique understanding of the nuances of our business, our industry and family ownership,” added Jere Costello.
“We congratulate Jere and Jeremiah Costello for building a great business, and giving us the opportunity to help them secure the next chapter in the CleanStreet story. Intrepid was honored to work with such a great management team at this critical point in the journey of the company, and we look forward to watching them succeed in their next phase of growth,” commented Jeremiah Mann, Managing Director and Head of the Industrials Group at Intrepid.
Greenberg Traurig LLP served as the legal advisor to CleanStreet, led by Mark Kelson and Ben Einbinder.
Deal Team Contacts
About Intrepid’s Industrials Group
Our Industrials team has decades of experience advising middle-market niche manufacturers, value-added distributors and specialty service providers across a variety of sectors, including building products, capital equipment, electrical and industrial components, and textiles.