Before the open of trading this morning, July 20, SCG holding Heritage-Crystal Clean (HCCI) announced it had entered into a definitive merger agreement to be acquired by an investment affiliate of J.F. Lehman & Company (“JFLCO”), a leading private equity investment firm focused on the aerospace, defense, maritime and environmental sectors, in an all-cash transaction that valued Crystal Clean at approximately $1.2 billion. Under the terms of the merger agreement, JFLCO will acquire all the outstanding shares of Crystal Clean for $45.50 per share in cash. The purchase price represents a premium of approximately 24.9% to Crystal Clean’s 60-day volume-weighted average price on July 19, 2023, the last full trading day prior to today’s announcement. Crystal Clean’s Board of Directors has unanimously approved the merger agreement and recommends that Crystal Clean shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions. Since HCCI closed at $46.60 today (up 11.1% and above the current offer price) and closing isn’t expected for several months, I expect to sell our HCCI shares in the next few days.