I Squared Capital has signed a definitive agreement, through its ISQ Global Infrastructure Fund III, to acquire VLS Environmental Solutions from Aurora Capital Partners.

VLS provides customized waste and specialty cleaning and repair services in North America. The company has two divisions:

1. Waste - provides solutions for non-hazardous industrial and commercial waste, including landfill diversion and sustainability programs, solidification of liquid waste, recycling, and wastewater treatment;
2. Railcar and Marine Cleaning & Repair - provides specialty cleaning services for chemicals, hardened materials and pressurized gases using environmentally friendly and safe processes, including barge cleaning and repair facilities for a wide variety of petroleum and chemical solvents. 

Houlihan Lokey served as a lead financial advisor, Robert W. Baird served as a co-financial advisor, while Gibson, Dunn & Crutcher LLP served as a legal advisor to Aurora Capital Partners. Jefferies LLC served as an exclusive financial advisor and Kirkland & Ellis LLP served as a legal advisor to I Squared Capital.

The financial terms of the transaction were not disclosed. The transaction is expected to close in Q3 2022, subject to customary regulatory approvals.