January 7, 2020 Share Print
Saw Mill Capital Completes Sale of Pine Environmental Services, LLC

Briarcliff Manor, NY – January 07, 2020. Saw Mill Capital is pleased to announce that it has successfully completed the sale of Pine Environmental Services, LLC (“Pine”) to ACON Investments, L.L.C. (“ACON”). Pine is the largest independent provider of environmental test & measurement equipment solutions in North America.  Pine serves a highly diversified customer base, including environmental consulting firms, offering rental, sales, and service solutions for their project and equipment needs.

Saw Mill Capital originally invested in Pine in 2012. In partnership with Saw Mill Capital, through a combination of organic growth initiatives and strategic acquisitions, Pine increased its market leadership position expanding from 18 to 38 locations throughout the U.S. and Canada. This exceptional growth was attainable due to Pine’s diverse growth strategy and the strategic investments Pine made in personnel, equipment, and technology over the life of Saw Mill Capital’s investment.

“At the time of investment, Pine represented a unique opportunity to partner with a market leading, founder-led business with several identified growth opportunities that would facilitate continued growth and market share gains,” said Scott Rivard, Partner at Saw Mill Capital. “Through a collaborative strategy developed with Pine’s management team, we were able to execute on our collective vision and achieve exceptional results. It was our pleasure partnering with Pine’s management team, who were critical in positioning the business for continued success.”

“Saw Mill Capital provided continuous support throughout their investment period, supporting Pine’s decision to pursue strategic acquisitions, open new locations, and make continued investments in the business,” commented Angelo Pinheiro, Founder of Pine. “Pine’s vision, mission and values were endorsed by the Saw Mill Capital team. We will continue to leverage these principles to deliver a superior customer experience as we continue to grow the business with our new partner, ACON.”

“Saw Mill Capital was an excellent partner to Pine and provided the necessary support and resources required to not only maintain, but expand Pine’s market leadership position,” stated Greg Rzonca, Chief Executive Officer of Pine. “We look forward to continuing to execute against our growth strategy, diversifying our product and service offerings to remain the provider of choice to our customers.”


Pine Environmental Services LLC is the largest independent provider of rental solutions for environmental test & measurement equipment, non-destructive testing equipment, and continuous emission stack testing equipment in North America. Pine offers a full suite of rentals, sales, and services solutions to its customers across 38 locations in the US and Canada. For more information, visit www.pine-environmental.com.  


Based in Briarcliff Manor, New York, Saw Mill Capital is a private equity firm that acquires industrial and commercial service, specialty distribution and manufacturing businesses with enterprise values of $25 million to $200 million. Since 1997, Saw Mill Capital has been partnering with management teams to help successful businesses reach their full potential. For more information, visit www.sawmillcapital.com.