J.F. Lehman & Company Establishes New Environmental Services Platform

NEW YORK, Jan. 28, 2026 /PRNewswire/ -- J.F. Lehman & Company ("JFLCO"), a leading alternative asset manager focused exclusively on the aerospace, defense, government, maritime, environmental and infrastructure sectors, is pleased to announce that an investment affiliate of JFL Equity Investors VI, L.P. has acquired majority stakes in Reclamation Technologies USA, LLC ("RTI") and Tradewater LLC & Affiliates ("Tradewater," and together with RTI, the "Company"). The acquisitions of RTI and Tradewater represent foundational investments for a new growth-oriented environmental services platform addressing opportunities in the market for lifecycle management of industrial and refrigerant gases and the mitigation of uncontrolled sources of methane. The platform's formation reflects JFLCO's conviction in the structural growth potential of this sector, driven by regulatory complexity and end-market demand for specialized closed loop services. JFLCO is partnering with a talented management team, led by Jeff Laborsky and Katelyn Imrie, to capitalize on the numerous growth vectors available to the platform.

Headquartered in Chicago, IL, Tradewater specializes in the collection and control of refrigerant and methane gases. The company sources, aggregates, and coordinates the destruction of high global-warming-potential refrigerant gases across the world, eliminating the release of super pollutant gases into the atmosphere. Capabilities also include the locating and plugging of orphaned and leaking oil and gas wells across the United States. Tradewater's operational integrity and impactful work enable the generation of premium carbon offset credits sold to a diverse group of customers across both the compliance and voluntary carbon credit markets in the United States and abroad.

Headquartered in Indianapolis, IN, RTI is a full-service refrigerant recovery and reclamation provider offering end-to-end services, including on-site gas recovery, reclamation, advanced separation of mixed gases, cylinder exchange programs, and reclaimed and virgin gas sales.

The combination of the two businesses establishes a go-to provider of closed loop services, including collection, processing, reclamation and destruction capabilities for gas waste with multiple actionable organic growth levers, and a commitment to full life-cycle refrigerant management. The combination of the two businesses will also serve as a platform for acquisitive growth and capability enhancement.

"We are thrilled to launch JFLCO's newest platform by entering this growing and highly fragmented sector – the investments in RTI and Tradewater establish a market leader with unique capabilities, and represent a strong foundation for continued growth. We're excited to partner with Jeff and Katelyn to build upon the strong foundation that RTI and Tradewater have established," said Glenn Shor, Managing Partner at JFLCO.

Dave Thomas, Partner at JFLCO added "We are partnering with a proven, highly capable management team with demonstrated ability in establishing and scaling specialized environmental services platforms. Together, we see a compelling opportunity to accelerate growth through disciplined M&A and organic investment, positioning the Company as the acquiror of choice in a highly fragmented market."

In conjunction with these acquisitions, JFLCO is pleased to announce Jeff Laborsky as Chief Executive Officer and Katelyn Imrie as President of the combined platform. Jeff and Katelyn bring extensive experience in building and leading businesses addressing complex environmental and waste related challenges. At RTI, Rodney Pierce will continue to serve as President, ensuring continuity of leadership and ongoing operational excellence. Tradewater's Co-Founders Tim Brown and Gabriel Plotkin have also announced the appointment of Kirsten Dueck as CEO of the Tradewater business. Both Tim and Gabe plan to remain engaged with the company and support its next phase of growth. For more information on the appointment of Ms. Dueck, see link here.

"We are excited to partner with J.F. Lehman & Company and our talented teams at RTI and Tradewater to build a leading, differentiated platform in this attractive and growing market. Together, we share a clear strategic vision and a strong alignment around disciplined growth, operational excellence, long-term value creation, and climate impact," said Mr. Laborsky.

A&O Shearman provided legal counsel to JFLCO. Brown Gibbons Lang & Company served as financial advisor to RTI, and Ice Miller LLP provided legal counsel to RTI and its majority equity holders. Cypress Capital, LLC served as financial advisor to Tradewater and Faegre Drinker Biddle & Reath LLP provided legal counsel to Tradewater and its majority shareholders.

About J.F. Lehman & Company, Inc.

Founded in 1992, J.F. Lehman & Company focuses exclusively on investing in the aerospace, defense, government, maritime, environmental and infrastructure industries. The firm has over $8 billion in AUM across its private equity and credit strategies and offices in New York and Washington, D.C.
www.jflco.com

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