PM Environmental, Inc. (PM) is pleased to announce it has completed an investment partnership with Keystone Capital Management, L.P. (Keystone), a Chicago-based private investment firm.  The recapitalization occurred in early December of 2021.    

PM is a regional leader in Environmental Risk Management with offices throughout the eastern United States. The partnership between PM and Keystone is aligned with a broader strategy to drive consolidation and further organic growth within the North American Environmental Risk Management market.   

“The Keystone Team has been a pleasure to work with. Their track record of strengthening and growing leaders in the professional technical services space is impressive. We are excited about the future of PM. With support from Keystone Capital, we are confident that PM will experience smart growth, offering new service lines and geographic expansion opportunities,” said Michael Kulka, Co-Founder and CEO of PM.     

Formed in 1994, Keystone’s mission is to invest in and build a portfolio of exceptionally high quality, mid-sized businesses that are leaders in their markets. Keystone is differentiated by its investment of personal capital and investment horizon flexibility which has led to a distinguished track record of successfully entering true long-term operating partnerships with the professional management teams of its portfolio companies.

PM represents further investment from Keystone in the engineering and technical services industry, where Keystone has demonstrated considerable investment experience.  

“PM is an ideal fit with our experience in the engineering and consulting industries,” commented David Greer, Managing Director of Keystone Capital. “We are proud to be associated with PM, a long-standing leader in environmental consulting, and we look forward to further building on its successful legacy.”   

PM is Keystone’s first partnership in the environmental risk management industry.