February 2021

The contents of this newsletter are intended for the exclusive use of Red Forest Capital search funds. Access to the Knowledge-base and to materials included in this newsletter is limited to Red Forest Capital search funds. Log in or create a redforestcapital.com account to view to previous editions of the newsletter or videos.

This month marks 51 years since Black History Month was first celebrated at Kent State University in 1970. Since its inception, Black History Month has helped open a dialogue about the contributions of people of African descent to our communities and country.

In honor of Black History Month, we pay tribute to the success of African American leaders in entrepreneurship, private equity, and venture capital space; Lighthouse Capital, a fund for underrepresented founders in the Midwest; Backstage Capital, a fund for black women entrepreneurs; Lunar Startups, an inclusive accelerator; Robert Smith who pledged to pay off the student loans of the 2019 class of Morehouse College - estimated at $65MM; and a Babson College study that shows Black entrepreneurs start businesses at a higher rate than other groups. We invite you to celebrate Black History Month and support friends, family, and colleagues of color. 

Additionally, the following are a number of resources to help you in your pursuit of an acquisition. Contact us if and when we can be of help. In the meantime, please find a selection of resources below to support your efforts. 

INDUSTRY UPDATES

• US GDP declined 3.5% last year; 2021 rebound expected

• 2020 4Q Middle Market Update from the National Center for the Middle Market & Ohio State

• 2021 Data Center Real Estate Forecast

• 2020 Small Business Capital Formation Annual Report

• The Services Sector witnessed ~58% growth last month to a two-year high

  Private companies added 174,000 jobs in January beating economists' 50,000-job prediction

• Consumer Sentiment Index remained largely unchanged

• World Economic Forum @ Davos

IDEAS 

• What We Already Know About Investing in 2021

• AI Benefits in Commercial Buildings

• What Goes on Inside a Modern Data Center?

• Drone Enabled Virtual Diligence for M&A and Insurance

• Geothermal Energy Can Help Meet Climate Goals and Provide a Lifeline for Oil & Gas

• How the iPhone's AR potential could transform mobile advertising

• Modernized Home Health like Dispatch Health

• Second order effects of Electric Vehicles. Deloitte Report. Biden Policy, and Texas

• Water Treatment, Desalination, & Risk. NASA estimates 1/3 of aquifers are drying up

• Refinitiv measures ESG impact for over 10,000 companies

KNOWLEDGE-BASE UPDATES

Available to Red Forest Capital investments Only 

• Sample Advisor and Consultant Agreement if you engage SMEs for diligence or other services

• GUIDE Company Screening, a tool to train your team or further develop your screening process

• GUIDE Prepare for a Management Meeting help you and/or your team prep for prospect meetings

INDUSTRY UPDATES

Since 21 January 2021. Available to Red Forest Capital investments Only 

• Air Purification Equipment

• Apartment & Condominium Construction

• Appliance Repair

• Auto Glass Repair Franchises

• Auto Maintenance & Repair Franchises

• Business Insurance

• Children's Fitness Center Franchises

• Cosmetic Dentists

• Credit Cards

• Emergency & Other Outpatient Care Centers

• Environmental Consulting 

• Housing Developers

• HVAC Service Franchises

• Indoor Sports Facilities Management

• Industrial Banks

• Intellectual Property (IP) Licensing

• Lithium Battery Manufacturing

• Loan Administration & Check Cashing

• Machinery Maintenance & Equipment Repair

• Medical Equipment Rental

• Moving Services

• Ocean & Coastal Transportation

• Plastic Surgeons

• Plumbers

• Real Estate Agency Franchises

• Real Estate Investment Trusts (REIT)

• Real Estate Loans & Collateralized Debt

• Real Estate Sales & Brokerage

• Residential & Senior Care Franchises

• Reverse Mortgages

• Scheduled & Charter Bus Services

• Security Guard & Patrol Services

• Smart Meter Manufacturing

• Soap & Industrial Cleaning Product Manufacturing

• Software Wholesale

• Solar Farm Developers

• Solar Panel Installation

• Telemarketing & Call Centers

• TPA & Insurance Claims Adjusters

• Tugboat & Shipping Navigational Services

• Tutoring & Test Prep Franchises

• Veterinary Services

TIPS & TRICKS

• Extend search capital with short-term certificates of deposit. First, consult your accountant and bank!

• Don’t Let Your Emails End Up in Spam

• Research Best Practices & Lists of business models

• Scraping Tools to Automate Your Prospecting

• How to Do Due Diligence on Your Potential Acquirer and how buyers perceive your fund

• Example of Why You Need Differentiate from other Search Funds and Institutions in Email

• What You Can Learn from Family Business

• What makes deals close?

M&A SPOTLIGHT

Selection of Deals that correspond with industries of interest to Red Forest Capital funds. More below. 

• Align Capital Partners acquired Aeros Environmental, a carbon tracking company

• ASG acquired Visual Matrix, a hotel property management software company

• Demand Science acquires Tidings, a B2B sales enablement solution

• CrunchTime! Information Systems acquired DiscoverLink, provider of restaurant-focused e-learning

• Enphase Energy acquired Sofdesk, a residential solar industry software provider

• Envest acquired Bell & Williams Associates, a provider of repossession, collection and skip tracing

• EverCommerce acquired Briostack, provider of ERP software for pest control field services

• Gigit acquired Peak InfoSec, a cybersecurity due diligence service provider

• HGGC acquires Marmic Fire & Safety a fire protection provider

• Logically acquired Network Support Co (NSC), a managed IT service provider (MSP)

• MindEdge Learning acquired Acuity Institute, provider of operational excellence training, coaching, and consulting solutions

• National Guardian Life Insurance acquired Everplans, a provider of tools to help consumers manage wills, insurance, etc.

• Singlepoint acquires Energywyze, a solar lead generation engine

• Visiqua acquired ROI Verify, a tech company focused on improving lead conversion

SEARCH FUND INTERNSHIPS

• Brigid Mulcahy, a second year Stanford MBA and Co-President of the GSB Search Fund Club, is seeking an internship with search funds that need help to develop, already and relatively well-established sourcing processes, Brigid has interned with Pacific Lake, TTCER, and Ascend Software during her MBA, and was previously at McKinsey and TFA. Anyone with openings, contact Brigid directly.

• UChicago’s undergraduate Odyssey & Empower Summer Match Program will help you identify talented students as a paid summer internship. For more, contact Julie Ruck, Assistant Director, Careers in Business Career Advancement @ UofC

 PORTFOLIO COMPANY INTERNSHIPS

• Northwestern's Heizer Growth-Stage Summer Internship Program provides matching stipends of up to $7K to support Kellogg students working in growth-stage operating companies and search-fund acquired businesses. For more, contact Taylor Weston, Asst. Director, Career Management Center

• Stanford's Entrepreneurial Summer Program (ESP) matches match MBA interns and offer stipends for summer internships with early-stage and recently acquired companies. Sign up here and for more, contact Mandy Chang, Assistant Director, Program Operations, Center for Entrepreneurial Studies

INTERESTING

...and nothing related to GameStop!!

• Top Considerations and Implications in M&A

• Valuation in a COVID-19 World

• The Math of Value and Growth, Return on Capital, and the Discount Rate from Michael Mauboussin

• How to Value Subscription Businesses & ​The Five Flavors of Annual Recurring Revenue (ARR)​

• Step-By-Step Guide To Performing a Financial Trend Analysis on a Business for Sale

• Companies Invent Their Own Performance Benchmarks

• How to Deal with Contamination Rules

• The Power of Asking “Why Not?”

• PFAS (nonstick cookware and waterproof or stain-resistant fabrics) Toxicity

• To Handle Increased Stress, Build Your Resilience

• Earnouts in M&A Transactions from Mayer Brown

• Apple's TV Streaming Service Subscriber Count Is A Mirage

• 5 Things to Know When Choosing a Dropshipping Supplier

• TikTok addresses misinformation 

DEEP THOUGHTS  

• “As we return from the pandemic and there is rotation of dollars from tech to travel, hospitality and energy sectors hurt by the pandemic, we will see 2021 multiples return to normal yet healthy levels (20-25x forward revenues).” Dharmesh Thakker, General Partner, Battery Ventures

• "Set your mind on a definite goal and observe how quickly the world stands aside to let you pass." Napoleon Hill

• "Predicting rain doesn't count, building arks does" Warren Buffett

• "If you stand for nothing, you'll fall for anything" K. Trevor Wilson's character in Letterkenny

M&A, PRIVATE EQUITY & SEARCH FUNDS 

AEROSPACE & DEFENSE

• Fastmarkets acquires Jacobsen, an agricultural Price Reporting Agency ("PRA")

• Garden Trends acquires Hopsharvester, a harvesting Equipment manufacturer

• GS Foods Group acquired Fresno Produce, a fresh produce distributor

• Mckean Defense acquires Mikros Systems

• CorporationNuwave and PCI Merge create Bigbear.Ai, a Defense decision making platform

• Redwire acquired Oakman Aerospace, a provider of digital engineering, spacecraft and satellites

• Tropicale Foods acquire Paleteria La Michoacana a maker of Hispanic foods and goods

• Utz Quality Foods acquires Vitner‚ a snack food brand for $25MM

• Valens acquires LYF Food Technologies, cannabis-infused edible manufacturer for ~$50MM

• Vestar Capital Partners invested in Dr. Praeger’s Sensible Foods, maker of plant-based foods

AGRICULTURE & FOOD

• Valens acquired LYF Food Technologies, cannabis-infused edible manufacturer for ~$50MM

• Utz Quality Foods acquires Vitner‚Äôs, a snack food brand for $25MM

AUTOMOTIVE

• Blue Point Capital Partners acquired Transtar Holding Company, a distributor transmission products

• H.I.G. acquired Continental Batteries, a secondary market for electric vehicle batteries

B2B SERVICES

• Avision Sales Group acquired six add-ons in janitorial services and foodservice equipment

• E78 Partners acquires Stride Accounting Solutions

• Diabsolut acquires Foundry52, Salesforce reseller and consultancy

• Eisneramper acquires Goldin Peiser & Peiser, an accounting firm

• Execupay acquires Fox Payroll

• FLEETCOR Technologies acquired Roger, an accounts payable (AP) software platform

• Gigit acquired Peak InfoSec, a cybersecurity due diligence service provider

• Iridium Technology acquired Smart Time Apps, provider of timekeeping software & services

• MindEdge Learning acquired Acuity Institute, provider of operational excellence training, coaching, and consulting solutions

• Playvox acquired Agyle Time, provider of workforce management software for contact centers

• Straker Translations acquired Lingotek, provider of language and translation software & services

• Vertex acquired Tellutax, a tax solutions tech company

• Visiqua acquired ROI Verify, a techn company focused on improving lead conversion

• Workday acquired Peakon, an employee success platform

• ZRG acquired Turnkey Search, a talent recruitment/executive search firm

CONSUMER

• Bridges Consumer Healthcare acquired Clarion Brands, a dietary supplements company

• Bright International acquired Bocchi Laboratories, a beauty and personal care manufacturer

• Roca Sanitario acquired RG International Bathroom’s bathroom furniture divisio

• VC Capital Partners acquired Shiseido's skincare and cosmetics drugstore brands for $1.5B

EDUCATION

• American Sentinel University & Post University to launch American Sentinel College Of Nursing and Health Sciences

• CrunchTime! Information Systems acquired DiscoverLink, provider of restaurant-focused e-learning solutions

• mPulse Mobile acquired The Big Know, a digital learning company backed by LFE Capital

• Verge Learning acquired XceptionalED, a professional development firm supporting disability-focused educators and advocates 

ENERGY

• Boralex acquires seven (7) US solar plants

• Catalyst Power Holdings acquired US Energy Partners, an energy provider

• Caterpillar acquires Weir Oil & Gas

• Concentric acquires Allied Enterprises, manufacturer of transmission products for the construction, agricultural, material handling and stationary power for $11.53MM

• Enphase Energy acquired Sofdesk, a residential solar industry software provider

• Gibraltar Industries acquires Sunfig, a data driven solar project developer for $3.75MM

• Novasource Power Services acquires Balian Energy

• PMC Capital Partners acquired UniversalPegasus International, an oil-and-gas servicing company

• Qic acquires Enwave Energy

• Sharecare acquired docai, a healthcare enterprise artificial intelligence (AI) platform

• Trilantic North America and Energy Impact Partners acquired Powin Energy Corporation, a battery energy storage company 

ENVIRONMENT & RELATED

• Avista Capital Partners acquired Solmetex, a provider of amalgam separators and other waste compliance products

• Orchard & Vineyard Supply acquired Davis Pump & Electric Motors, a water pump installation and repair services company

FINANCE & INSURANCE

• 500.Com Limited acquires Bitcoin Mining Machines

• CloudMD acquires Aspiria, provider of Employee (EAP) and Student (SAP) Assistance for $2.25MM

• First Horizon Bank acquires cloud fintech provider, Finxact Core

• FortisPay acquired Swype at Work, a provider of credit and debit card processing solutions

• GreenBox acquired ChargeSavvy, a finteh payment processing platform

• High Street Insurance Partners acquired Vested Risk Strategies, an insurance agency

• The Hilb Group acquires Rampart Brokerage

• Hub International acquires John Galon Insurance Services and Galon Management

• IG Group Holdings acquired tastytrade, an online financial network, for $1B

• Integrated Specialty Coverage acquired California Contractors Insurance Service, a construction bond and insurance agency

• Integrity Marketing Group acquired CSG Actuarial, a quoting, enrollment tech platform

• JConnelly acquired AdvisorPR, a PR and marketing company for wealth management firms

• Kingswood Capital Management acquires Senture

• Marble Financial acquires Inverite, a real-time bank verification service provider for $1.17MM

• Mercer Global Advisors acquired Marrs Wealth Management, a wealth management firm

• Mercer Global Advisors acquired Hart Capital Management, an asset management firm

• Mercer Global Advisors acquired Pinnacle Wealth Solutions

• Motive Partners & Clearlake Capital acquire Investcloud, a Saas wealth solutions platform

• Pacific Western Bank acquires Civic Financial Services

• Pacwest Bancorp acquires Civic Financial Services

• Perspecta acquired by Peraton, a private investment firm

• Porch acquires Homeowners of America Holding, a P&C insurance company for $100MM

• OV Loop acquired Push Pay (d/b/a PayFi), a fintech company that offers instant and lower-cost financial transactions

• Redmill Advance acquired AKORN, a financial services education and training specialist

• SSH Communications Security acquired Deltagon Oy, developer of messaging solutions to the finance and the public sectors

• Virtus Investment Partners to acquire Westchester Capital Management

FRANCHISE

• Caring Brands International acquired Interim HealthCare, a home health and hospice franchisor

• Charger Investment Partners invested in B&B Coffeehouse, a franchisor of coffeehouses

• FranConnect has acquired FranchiseBlast, a provider of franchise management software

HEALTH CARE

• 42 North Dental acquired Wellesley Dental Group

• 42 North Dental acquired the Pediatric Dental Care and Orthodontics

• 42 North Dental acquired Windham and Groton Dental Group

• 42 North Dental acquired Restorative & Aesthetic Dental Associates

• 42 North Dental acquired JD Howard, dental care provider

• Adapthealth acquires Aerocare, respiratory and home medical equipment ("HME") distrbutor

• Amneal acquires Kashiv, provider of drug delivery platforms and novel 505(b)(2) drugs for $70MM

• Biohaven acquires Kleo, developer of cancer and infectious disease treatments for $20MM

• Boston Scientific acquires Preventice, a device maker focused on issues related to the heart

• Bridgepoint acquired Prescient Healthcare Group, a pharmaceutical analytics company

• Carlyle acquired Indegene health tech solutions, for $200 MM Catalent acquires Acorda Therapeutics, manufacturer of Parkinson's carbidopa/levodopa medicine for $80MM

• Chimerix acquires Oncoceutics, a cancer drug discovery, and development company for $78MM

• CloudMD Software & Services acquired Rx Infinity, Rxi Pharmacy, and Rxi Health Solutions, a group of pharmaceutical distribution, patient navigation, and pharmacies

• Cody Consulting Group acquires Madena, a health insurance consultancy for $7.3MM

• CODY acquired Madena, enrollment and reconciliation software provider

• Colfax Corp. acquired Trilliant Surgical, a manufacturer of foot and ankle orthopedic implants

• GetWellNetwork has acquired Docent Health, a patient engagement platform

• Horiba acquires Medtest Dx and Pointe Scientific, laboratory chemistry companies

• Medsphere Systems Corporation acquired Marketware, maker of healthcare relationship software

• National Partners acquires Intermountain Anesthesia Consultants

• New Haven acquires Memory Care Facility

• Nextech Systems acquired MyMedLeads, a patient engagement, and marketing software company

• Nexhealth acquires Enlive, Healthcare practice management, and automation solution

• NovaQuest acquired CoreRx, provider of clinical and pharmaceutical manufacturing services to

• Paragon Biosciences acquires CIRC Biosciences, a cell and gene therapy platform

• PMC Capital acquires Ransom & Randolph Company, a dental consumable supply company

• Premise Health acquires Sonic Boom Wellness, a digital engagement and wellness provider

• Professional Physical Therapy acquires Optimum Physical Therapy

• Quigley Eye Specialists acquires Beraja Medical Institute

• Rethink First acquires Whil, a behavioral, mental health, and well-being solution

• Sharecare acquired docai, a healthcare enterprise artificial intelligence (AI) platform

• Sierra Digital acquires Stonebridge Consulting, an energy technology consultancy

• symplr acquired Phynd Technologies, a healthcare systems data management platform

• Social Solutions Global acquire Athena Software, a case management solution

• Surgical Science acquires Mimic Technologies, robotic surgery simulation, and trainer for $18MM

• Verista acquires Hawkins Point, a drug development technology provider

• Volpara acquires CRA Health, a breast cancer risk assessment company

• Vistria & Excellere acquired SCA Pharmaceuticals, a provider of syringes and sterile admixtures

• Waud Capital acquired Health iPASS, a provider of patient engagement software 

INDUSTRIALS & MANUFACTURING

• AgEagle acquires MicaSense, provider of robotic platforms for $23MM

• Atlas acquires Nano Purification Solutions, a compressed air and gas solutions provider for $26MM

• Emerald X acquires PlumRivern, a B2B e-commerce provider for the manufacturing industry

• DeZURIK acquires Red Valve, provider of control valve applications for $63MM

• Fathom acquired Summit Tooling and Summit Plastics, precision tooling and injection molding

• Huntsman acquired Gabriel Performance Products, a manufacturer of specialty chemical

• Justrite Manufacturing acquired National Marker Company, manufacturer of safety signage

• Odyssey acquired Applied Technical Services, provider of inspection and calibration services

• PPG acquires Coatings Manufacturer Wörwag

• Seaway Plastics acquired Wright Engineered Plastics, precision component manufacturer

• Trive acquired Oscar W. Larson, equipment distributor, installer, inspector, and repair company

• TRM Equity acquired Elyria Foundry, a ductile iron castings company

• US LBM acquires Villaume Industries

• Würth Industry North America acquires Atlantic Fasteners

MARKETING & ADVERTISING

• Allison+Partners acquired Sommerfield Communications, a corporate communications and public relations agency

• AMF Media Group acquired Connext, a marketing and communications consultancy

• ChapsVision acquired NP6, a marketing, customer engagement, and loyalty automation platform

• Devoteam acquired Ysance, a retail and brand marketing agency

• DNI Corp acquired Mailer’s Choice, a direct mail and fulfillment business

• Innovatus Capital acquired VSA Partners (VSA), a design and brand experience services platform

• Integrated Media acquired StackCommerce, a platform for digital publishers and influencers

• Ipsos acquired MGE Data, a mobility, geo-marketing, and media research consultancy

• Look Listen acquired Story First, an agency that serves non-profits, causes, and brands

• Porch acquires V12 Data, an omnichannel data provider to the advertising industry for $22MM

• Shamrock acquired Bayard Advertising, an agency focused on employer branding and recruitment 

MEDIA & ENTERTAINMENT

• Bally's acquires Monkey Knife Fight, a gaming platform for $50MM

• Carlyle acquired Jagex, a developer, and publisher of video games

• Element Partners acquires WPT Enterprises, creator of the World Poker Tour (WPT) for $78MM

• Esports Entertainment acquired, Helix eSports owner of five esports centers

• Integrate Agency acquired BriteIdea Marketing Group, a digital marketing group

• LG Electronics acquires Alphonso, an analytics company for $80MM

• Medium acquired Glose, a digital book company

• Mod Op acquired Microgigantic This acquisition, a marketing studio

• PlayVS acquired GameSeta, an infrastructure provider for high school esports teams

• Plug In Digital acquires Black Shell's catalog

• Streamland Media acquires Technicolor, a postproduction company for $36MM

• Sumo Group acquires PixelAnt Games

• Twitter has acquired Revue, a newsletter platform for writers and publishers

• Wyndham Destinations acquires Travel Leisure, a travel magazine for $100MM

MINING

• Datamine acquired Centric Mining Systems, a software company focused on the mining industry

REAL ESTATE & RELATED

• AI Fire acquired Legacy Fire Protection, a fire sprinkler company

• Advanced DRI acquired A. Molly Company, a water damage restoration company

• American Construction Source acquired Builder’s Resource Group, a group for builders

• Atlantic Southern acquired Emerald Paving Company, a paving services provider

• Carter Multifamily acquires the Gables Apartment Community For $26.6 MM

• Kingston Light + Air agreed to acquire the skylights division of SMAC, a waterproofing for buildings

• Universal Engineering Sciences acquires Construction Testing & Engineering 

RETAIL & WHOLESALE

• Boyne Capital acquired CarCovers, a retailer for vehicle covers

• Columbia Care acquires The Healing Center, a cannabis-related product retailer for $15MM

• Equity Partners acquired Smith & Vandiver Corporation, a maker of personal care products

• High Tide acquires Smoke Cartel, a cannabis related product retailer for $8MM

• Praesidian Capital acquired Round 2, a collectibles company

• Springbig acquires Budtender, a cannabis customer experience, and retention platform

• Tes America acquires Microtouch™ brand

• West Shore Home acquires New Bath Alabama

TECHNOLOGY

• Agoral acquired Easemob, instant messaging APIs, and customer engagement solution

• Algolia acquired MorphL, an e-commerce and machine learning software provider

• Clash acquired Byte app, a leading short-form video platform

• Coinbase acquired Bison Trails, blockchain infrastructure, and digital asset exchange firm

• DataCore Software acquired Caringo a developer of software for managing data growth

• DataStax has acquired Kesque, provider of messaging technology applications

• Deloitte acquired Root9B, provider of advanced cyber threat hunting services and solutions

• emids has acquired Macadamian, a software design and consulting firm

• Ethos Capital to purchase Donuts Donuts, a domain name and digital identity solution provider

• Esports Entertainment Group acquired ggCircuit, a MSP for LAN centers

• Imaweb acquired Procar, a provider of automotive software

• Ivanti acquired Cherwell Software, a unified endpoint management, security, and service provider

• Khoros acquired Flowai, a conversational AI platform for designing and managing chatbots

• martinwolf acquired IT ExchangeNet (ITX), facilitator of mid-market IT M&A transactions

• Republix acquired SourceStrike, provider of web & mobile applications

• SAP acquired Signavio, business process intelligence and process management solution provider

• SAS acquired Boemska, a low-code/no-code application deployment and analytics provider

• Shutterstock acquired TurboSquid, a leading source for stock 3D models and images

• symplr acquired Phynd Technologies, a provider of enterprise software management

• Tarmac acquired Usetrace, a codeless SaaS software testing solution

• TEGNA acquired Locked On Podcast Network, a network for local, college and professional sports

• TraQiQ acquired Kringle, a loyalty, m-commerce, and analytics company

• TPG Capital acquired Centrify, a leading provider of modern privileged access management (PAM)

• ZGM acquired Paper Leaf, a full-stack app and software development firm

TELECOMMUNICATIONS

• Calian acquires InterTronic Solutions, producer of high performance antenna systems for $22MM

• Communication Technology Services acquired ClearSky Technologies, a wireless company

• Lumine Group acquired VAS-X, a software development company that focuses on teleco

• Sangoma acquired Star2Star Communications, provider of full-spectrum communications services

• Spectrum acquired Hiigh Wire Networks, a next-generation telecommunications network provider

TRAVEL & RECREATION 

• ASG acquired Visual Matrix, a hotel property management software company

• Aspire Software acquired Navotar, a car rental software provider

• Locaweb ConnectPlug, a provider of SaaS-based point of sale systems (POS)

• Yanolja acquired Sanha Information Technology (IT) a MSP for hotels, resorts, and restaurants

TRANSPORTATION & LOGISTICS

• Red Arts Capital acquired Radius Logistics, a logistics services provider

WASTE MANAGEMENT

• HEPACO acquired a division of Summit Environmental Services emergency response, services and waste management

• VLS Recovery Services acquired Pacific Trans Environmental Services and Pacific Treatment Environmental Services