J.F. Lehman & Company Completes Sale of National Response Corporation and Sprint Energy Services; Combined Business Now NYSE Listed

NEW YORK, Oct. 17, 2018 /PRNewswire/ -- J.F. Lehman & Company ("JFLCO"), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce that its investment affiliate JFL-NRC-SES Partners, LLC ("JFL-NRC-SES") has completed the sale of all its membership interests in NRC Group Holdings, LLC ("NRC Group") – formed earlier this year through the combination of JFLCO portfolio companies National Response Corporation ("NRC") and Sprint Energy Services ("Sprint") – to Hennessy Capital Acquisition Corp. III (NYSE American: HCAC.U, HCAC, HCAC.WS) ("HCAC").   As part of the transaction, HCAC changed its name to "NRC Group Holdings Corp." (the "Company") and expects that, effective October 18, 2018, it's common stock and warrants will begin trading under the ticker symbols "NRCG" and "NRCG WS," respectively, on the NYSE American exchange.  Investment affiliates of JFLCO will continue to own a controlling equity position in the combined public company.

NRC Group is a global provider of comprehensive environmental, compliance and waste management services.  NRC Group's broad range of capabilities enable it to provide a global reach to meet the critical, non-discretionary needs of its more than 5,000 customers across diverse industries and end markets to ensure compliance with environmental, health and safety laws around the world.  Chris Swinbank, appointed Chief Executive Officer of NRC Group at its formation, will continue to serve in that capacity post-closing.  

Since the acquisition of NRC and Sprint by investment affiliates in 2012 and 2015, respectively, JFLCO worked successfully with each company's management team to reinvigorate their core businesses, expand geographically and grow their service portfolio through both vertical integration and expansion into adjacent, complementary service offerings.  These organic growth initiatives were augmented by eleven strategic acquisitions which substantially increased NRC Group's geographic footprint.

"We are proud of the growth and expansion that NRC Group has achieved over the past six years," said Mr. Swinbank.  "J.F. Lehman & Company has been instrumental in helping solidify and grow our reputation and brand, augment and diversify our service capabilities, significantly expand our geographic footprint and recruit talent to our team.  We look forward to continuing this momentum as a subsidiary of a public company."