BGL Announces the Acquisition of Reclamation Technologies USA and Tradewater LLC & Affiliates to Establish a New Environmental Services Platform Led by J.F. Lehman & Company

A full-service refrigerant recovery and reclamation provider

CLEVELAND, Jan. 30, 2026 /PRNewswire/ — Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce that Reclamation Technologies USA (RTI), a leading provider of full‑service refrigerant recovery and reclamation solutions, and Tradewater LLC & Affiliates (Tradewater), a global leader in the collection and control of high-impact refrigerant and methane gases, have been acquired by investment affiliates of J.F. Lehman & Company (JFLCO), establishing a new growth-oriented environmental services platform addressing lifecycle management of industrial and refrigerant gases and the mitigation of uncontrolled sources of methane. BGL’s Environmental Services investment banking team served as the exclusive financial advisor to RTI. The specific terms of the transaction were not disclosed.

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.

Headquartered in Chicago, IL, Tradewater sources, aggregates, and coordinates the destruction of high global warming-potential refrigerant gases across the world, eliminating the risk of release into the atmosphere. Capabilities also include the locating and plugging of orphaned and leaking oil and gas wells across the United States.

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, reflecting JFLCO’s conviction in the structural growth potential of this sector, driven by regulatory complexity and end‑market demand for specialized closed‑loop services.

BGL’s Environmental Services & Infrastructure investment banking team has been ranked #1 in Environmental Services transaction volume in North America since 2016, according to Pitchbook.com. Our Environmental team focuses on businesses that perform essential services to the waste processing & disposal, water & wastewater treatment, waste-to-value, and waste-to-energy markets.

To learn more about BGL’s recent transactions in environmental services M&A, visit our Transactions page.

About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Boston, Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago and Cleveland. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com. 

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