NorthStar Group Services Inc., New York City, recently announced it has completed the acquisition of Heneghan Wrecking & Excavating Co. Inc. and Patrick’s Equipment Leasing Inc. (collectively, Heneghan). NorthStar is portfolio company of investment affiliates of New York City-based J.F. Lehman & Company (JFLCO).
Headquartered in Chicago, Heneghan is a provider of structural and interior deconstruction, excavation and emergency response services for commercial and industrial clients across the Midwest.
Heneghan, which was founded in 1973, represents the first add-on acquisition completed by NorthStar under JFLCO’s sponsorship. Patrick Heneghan, former president of the company, will remain with NorthStar and lead the combined Chicago and Midwest operations.
“Our partnership with Heneghan will further strengthen and broaden both organizations’ market presence and penetration, customer relationships and service capabilities,” NorthStar CEO Scott State says. “We look forward to working with Patrick and his team to build upon Heneghan’s sterling reputation and drive continued growth at NorthStar.”
“The Heneghan acquisition unlocks a key market in Chicago and customer base that NorthStar has historically had limited access to,” Alex Harman, chairman of NorthStar and partner at JFLCO, says.
“We are excited to welcome Heneghan and its strong Midwest presence, as well as its complementary service offerings and capabilities to the NorthStar platform,” Glenn Shor, director of NorthStar and partner at JFLCO, says.
Jones Day, Cleveland, served as legal advisor to NorthStar and JFLCO. Chartwell Financial Advisory, Minneapolis, served as financial advisor to Heneghan while Katten Muchin Rosenman, Chicago, was Heneghan’s legal representatives for the transaction.
