At a glance
| Assets under management | $7B (as of Nov 2024) S5 |
|---|---|
| Latest fund | JFL Equity Investors VI, $2.2B (Dec 2024) S5 |
| EBITDA range | $15M to $150M S2 |
| Check size | $75M to $750M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | North America, Europe S2 |
| Sectors | Environmental & Waste, Industrial & Manufacturing, Construction Services, Transportation & Logistics |
What J.F. Lehman & Company buys
J.F. Lehman & Company (JFLCO) is a New York private equity firm that invests in only four areas: aerospace; defense and government work; the maritime industry; and environmental and infrastructure services. It looks for companies with specialized technical skills, strict certification or regulatory requirements, and long customer relationships. In environmental services its current companies include Crystal Clean, Atomic Transport, NorthStar Group and a refrigerant gas recovery platform it formed in January 2026 by buying Reclamation Technologies and Tradewater.
JFLCO is a large buyer. For a new platform it targets $15 million to $150 million or more of EBITDA and invests about $75 million to $750 million or more of equity, mostly in North America and Europe. Its sixth flagship fund closed at $2.23 billion in December 2024, when the firm reported about $7 billion of assets under management. It also runs a credit strategy. Most owners of smaller businesses will meet JFLCO through an add-on: the firm says add-ons can be any size, and PURIS, Crystal Clean and Wrist have all bought smaller companies in the past two years.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Powerhouse EnginesJFL Credit is funding engine purchases for the Miami aircraft engine leasing and repair company | Investment | Source | |
| Aug 2026 | Amici Engineering ContractorsFlorida underground water and utility contractor added to PURIS | Add-on | Construction Services | Source |
| Aug 2026 | ENTACTEnvironmental remediation company sold to Ridgemont Equity Partners after six years | Exit | Environmental & Waste | Source |
| Aug 2026 | Air AtlantaAtlas Air Worldwide took a 49% stake and bought the airline's aircraft | Investment | Transportation & Logistics | Source |
| Jul 2026 | Military Services Australia and Downie Jones Ship StoresNaval logistics business in Australia added to Wrist | Add-on | Source | |
| Jun 2026 | Custom AlloyNew Jersey forging maker for Navy programs added to Forged Solutions Group | Add-on | Industrial & Manufacturing | Source |
| Mar 2026 | Forged Solutions GroupUK maker of aerospace engine forgings with plants in the UK and US | Platform | Industrial & Manufacturing | Source |
| Jan 2026 | Reclamation Technologies and TradewaterNew platform for refrigerant gas recovery, reclamation and destruction | Platform | Environmental & Waste | Source |
| Jan 2026 | Wellman DynamicsMajority stake in an Iowa aerospace casting maker; TRM Equity kept a minority stake | Platform | Industrial & Manufacturing | Source |
| Dec 2025 | Delaware Ship SupplyCamden, New Jersey ship supplier added to Wrist | Add-on | Source | |
| Oct 2025 | AGITrident Maritime Systems sold its UK naval electronics unit to DC Capital Partners | Exit | Industrial & Manufacturing | Source |
| Jul 2025 | Narda-MITEQRF and microwave component maker sold to Amphenol | Exit | Industrial & Manufacturing | Source |
| Mar 2025 | WristMajority stake in a Danish marine supply company; Altor and management stayed as shareholders | Platform | Source | |
| Mar 2025 | Global Marine GroupSubsea telecom cable services company sold to Keppel Infrastructure Fund | Exit | Source | |
| Mar 2025 | Integrated Global ServicesAsset protection technology company sold to American Securities | Exit | Industrial & Manufacturing | Source |
| Feb 2025 | Creekside (Insight Pipe and IPC Services)Pennsylvania sewer pipe rehabilitation contractor added to PURIS | Add-on | Construction Services | Source |
| Feb 2025 | Atomic TransportBulk waste transport and transfer station operator, bought together with management | Platform | Environmental & Waste | Source |
| Feb 2025 | Premium Environmental Services and Worldwide Recovery SystemsSpill response and waste collection firms in Indiana, California and Arizona added to Crystal Clean | Add-on | Environmental & Waste | Source |
| Dec 2024 | JFL Equity Investors VISixth flagship fund closed at $2.23 billion against a $1.6 billion target | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S3.
Aerospace
- Atlas Air Worldwide
- CTS Engines
- Doncasters
- Forged Solutions Group
- Wellman Dynamics
Defense and Government
- CodeMettle
- Mission Microwave
- Trillium Engineering
Environmental and Infrastructure
- Crystal Clean
- Atomic Transport
- NorthStar Group
- Reclamation Technologies
- PURIS
Maritime
- Trident Maritime Systems
- Wrist
Greymont’s take
How J.F. Lehman & Company fits a seller
JFLCO suits owners of specialized environmental services businesses, such as industrial waste handling, bulk waste transport, remediation or refrigerant recovery, and owners of engineered suppliers to defense, aerospace and maritime customers. A company below its platform size would most likely sell to one of its portfolio companies. Recent examples include Crystal Clean buying spill response and waste disposal firms in Indiana, California and Arizona, and PURIS buying Amici, a Florida pipeline contractor founded in 2019.
When JFLCO buys a platform it often keeps a partner in the deal: Altor and the managers of Wrist stayed as large shareholders, and TRM Equity kept a minority stake in Wellman Dynamics. Owners should ask which platform would own their company, whether they can roll over equity, and how long JFLCO expects to hold it. Its recent exits went to strategic buyers such as Amphenol and to other investors such as Ridgemont and American Securities.
Questions owners ask
Does J.F. Lehman & Company buy environmental and waste services companies?
Yes. Environmental and infrastructure is one of its four sectors. Current holdings include Crystal Clean, Atomic Transport (bulk waste transport and transfer stations, bought in February 2025) and NorthStar Group, which runs remediation and low-level nuclear waste disposal. In January 2026 it formed a refrigerant recovery platform with Reclamation Technologies and Tradewater.
How big does a company need to be for JFLCO?
For a new platform, JFLCO targets $15 million to $150 million or more of EBITDA and invests about $75 million to $750 million or more of equity. Add-on acquisitions for its existing companies can be any size.
Who has JFLCO sold companies to recently?
In the past two years it sold Integrated Global Services to American Securities and Global Marine Group to Keppel Infrastructure Fund (both March 2025), Narda-MITEQ to Amphenol (July 2025) and ENTACT to Ridgemont Equity Partners (August 2026).
Sources
- S1J.F. Lehman & Company home page Accessed October 20, 2026
- S2JFLCO: Our Approach (private equity criteria) Accessed October 20, 2026
- S3JFLCO: Our Private Equity Investments Accessed October 20, 2026
- S4JFLCO: Latest News Accessed October 20, 2026
- S5J.F. Lehman & Company Raises $2.2 Billion for Oversubscribed Fund VI (December 10, 2024) Accessed October 20, 2026
- S6J.F. Lehman & Company Establishes New Environmental Services Platform (January 28, 2026) Accessed October 20, 2026
- S7JFLCO: Our Credit Strategy Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with J.F. Lehman & Company. Figures are as reported on the dates shown and may have changed. Request a correction