I Squared Capital, a global infrastructure investment manager, has acquired VLS Environmental Solutions, from Aurora Capital Partners, a middle-market private equity firm.

VLS delivers mission-critical, customized waste and specialty cleaning and repair services for regulated industries. The firm concentrates on non-hazardous industrial waste handling, treatment and sustainable disposable and rail and marine specialty cleaning and repair.

“Aurora has been an incredible partner to the leadership team at VLS, providing guidance and expertise to support the Company in achieving our growth objectives,” said John Magee, president and CEO of VLS. “We are thrilled to partner with the I Squared team and believe they are the right next owner to help drive the continued expansion of our market-leading environmental services platform.”

Houlihan Lokey served as lead financial advisor, Robert W. Baird served as co-financial advisor, and Gibson, Dunn & Crutcher LLP served as legal advisor to Aurora Capital Partners. Jefferies LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to I Squared Capital.