A.E. Rosica & Company Research
Advisory Approach
A.E. Rosica & Company (AER&CO) is a specialized M&A and capital formation advisory firm founded in 1999 that focuses exclusively on the environmental and energy industries. With over 25 years of experience, the firm has developed deep sector expertise in waste management, recycling, oil & gas, water treatment, and environmental services. Their thesis is that industry-specific knowledge is critical to successful transaction outcomes in these specialized sectors—unlike generalist investment banks, AER&CO's professionals have direct operational experience working in the industries they serve, enabling them to better understand client needs, tailor services efficiently, and communicate complex technical concepts in straightforward terms.
The firm's sweet spot is lower middle-market companies with $10 million to $150 million in revenue. They work with a diverse client base including utilities, equipment manufacturers, service providers, contract operators, engineers, constructors, consultants, project developers, and financial investors. AER&CO operates with a close, confidential working relationship model, drawing upon financial, operational, and technical experience to analyze and resolve complicated issues that sector-generalist advisors cannot properly value or position.
Sector Focus
AER&CO concentrates exclusively on two core sectors:
Environmental: Waste management and recycling, water and wastewater treatment, solid and hazardous waste management, air pollution control and monitoring. Within environmental, they have particular depth in used oil recycling and re-refining, antifreeze recycling, solid waste equipment manufacturing, landfill operations, and environmental remediation services. Their team includes former operators and technical experts who understand plant-level economics, regulatory frameworks, and the operational nuances that drive valuations in these specialized niches.
Energy: Oil and gas (particularly used oil collection and re-refining), renewable energy, electric power, and energy efficiency. The firm has advised on transactions across the oil recycling value chain, from collection services to re-refining operations, as well as water treatment systems for oil & gas applications and energy-related technology commercializations.
Deal Track Record
AER&CO has completed transactions across sell-side M&A, buy-side acquisitions, recapitalizations, and capital formation engagements. Notable recent transactions include:
-
Noble Oil Services → Safety-Kleen Systems (2024): $68.7 million sale of a leading regional recycler and re-refiner of used oil based in Sanford, North Carolina. Safety-Kleen, a subsidiary of Clean Harbors, acquired Noble Oil to expand its environmental services footprint.
-
Spirit Energy Services → Cambrian Well Services (2023): Strategic acquisition expanding Spirit Energy's well services capabilities.
-
Synergy Recycling → Safety-Kleen Systems (2022): All-cash acquisition of a used oil recycler and refiner with operations in Florida and Georgia, further consolidating the used oil recycling sector.
-
Glen Echo Capital → Komline-Sanderson Corporation: Acquisition of the wastewater and waste-to-energy equipment manufacturer by a private equity-backed buyer.
-
BME Engineering → Wastequip (2006): Strategic sale of the Georgetown, Massachusetts-based solid waste equipment manufacturer to Wastequip, a strategic consolidator in the waste equipment space.
-
USA Oil Refining & Planet Earth Recycling → Lorco Petroleum Services (2009): Two strategic acquisitions expanding Lorco's petroleum and antifreeze recycling footprint.
-
Matrix Utilities → Aqua-Chem (2008): Sale of Fort Lauderdale-based water purification equipment manufacturer to Aqua-Chem, an Altus Capital Partners portfolio company, adding membrane technologies to Aqua-Chem's desalination and water treatment portfolio.
The firm has also completed multiple rounds of equity financing for RJM Waste Equipment Company with Frontier Capital, demonstrating capability in capital formation beyond traditional M&A advisory.
Process & Fee Structure
AER&CO runs institutional-quality sell-side processes tailored to the environmental and energy sectors. Their approach emphasizes exhaustive buyer outreach to strategic consolidators and financial sponsors with demonstrated sector interest. The firm leverages its extensive network of executive relationships and corporate partnerships built over 25+ years of dedicated industry focus.
While specific fee structures are not publicly disclosed, AER&CO likely follows industry-standard models for lower middle-market transactions, typically involving monthly retainers credited against success fees. The firm requires exclusivity and focuses on transactions in the $10 million to $150 million revenue range, with deal sizes typically ranging from $10 million to $150 million in enterprise value.
Buyer Network
AER&CO has cultivated deep relationships across strategic buyers and financial sponsors in the environmental and energy sectors:
Strategic Buyers: The firm has closed multiple transactions with strategic consolidators including Safety-Kleen Systems (a Clean Harbors subsidiary), Wastequip (solid waste equipment), Aqua-Chem (water treatment), and Lorco Petroleum Services (petroleum and antifreeze recycling). These buyers represent industry roll-up strategies and platform acquisitions.
Private Equity: The firm has worked with financial sponsors including Glen Echo Capital, Frontier Capital, and Altus Capital Partners, demonstrating experience with PE-backed buyers and capital formation transactions.
International Capability: Through advisors like Jeff Beeson (Europe), the firm has cross-border transaction capability and can access international strategic buyers.
Competitive Positioning
AER&CO differentiates from generalist lower middle-market banks through:
-
Sector Specialization: 25+ years of exclusive focus on environmental and energy industries, with team members who have direct operational experience in these sectors.
-
Technical Expertise: Professionals include former plant managers, engineers, and technical operators who understand the operational and regulatory nuances that drive valuations.
-
Relationship Depth: Long-standing relationships with strategic consolidators and financial sponsors built through decades of sector-specific deal flow.
-
Niche Dominance: Recognized expertise in specialized subsectors including used oil recycling, antifreeze recycling, solid waste equipment, and water treatment where generalist advisors lack comparable buyer access.
Not a Fit If
AER&CO typically declines:
- Businesses outside the environmental and energy sectors
- Companies below $10 million in revenue
- Transactions requiring sector generalist positioning
- Clients seeking limited-process or quick-close transactions without comprehensive buyer outreach
Team
The firm is led by three principals and supported by senior advisors with deep sector expertise:
Bert Rosica, Managing Principal: 30+ years of experience in energy, environmental, technology, and finance fields. Previously a principal with HB Capital and director with Scully Capital Services, both investment banking firms specializing in energy and environmental industries. Former vice president at Caithness (private investment company focused on natural resources and technology), business development manager at Raytheon Engineers & Constructors, and process engineer at Allied Chemical Corporation. Holds BS in chemical engineering from Villanova University, studied environmental and nuclear engineering at Drexel University, and business administration at the Wharton School. Member of the Atlantic Cape Community College Engineering Advisory Board.
Courtney Rosica, Principal: 15+ years of financial services experience on Wall Street across global sectors with focus on investment banking, strategy, and management. Involved in more than $4 billion of global transactions with experience in leveraged buyouts, M&A, divestitures, and capital markets. Previously Director at Barclays (Chief of Staff to Global Head of Investment Banking) and banker in the Global Financial Sponsors Group. Held roles at Deutsche Bank. BS in Business Administration (Finance and International Business) from Villanova University, MBA in Finance and Management from Indiana University Kelley School of Business.
Tom Barnes, Principal: Represents manufacturers, fabricators, and engineering/design firms in water/wastewater treatment, marine oil and water treatment, oil & gas equipment, and waste oil recycling industries. Has executed capital formation, acquisition, and divestiture transactions. 30+ years of legal practice providing counsel to manufacturers, commercial lenders, real estate investors, and institutional equity traders. Helped found a specialty manufacturing and distribution start-up (general counsel and board member). BS in accounting, JD from Villanova University, MBA in finance from Temple University.
Senior Advisors include specialists in nuclear energy, solid waste and recycling, technology and finance, environmental policy, energy & environmental technology, international water & wastewater, and European markets—providing domain expertise across the environmental and energy spectrum.
Geographic Coverage
Headquartered in Ocean City, New Jersey with team members across the Mid-Atlantic and Northeast. The firm serves clients nationally and internationally, with particular depth in the Eastern United States and cross-border transaction capability through European advisors.