AECOM, the lead company behind Savannah River Remediation, plans to sell its Management Services business, which handles billions of dollars of contracts with the U.S. energy, defense and homeland security departments, among others.
The sale is priced at $2.4 billion, according to a Monday announcement. Affiliates of American Securities LLC and Lindsay Goldberg, private investment firms, will be buying the group.
The prospective sale will not impact Savannah River Remediation or its workforce, an AECOM spokesperson said Tuesday.
"This is a change at the parent-company level only," the spokesperson continued.
SRR is the incumbent liquid-waste contractor at the Savannah River Site. The team's mission includes handling and processing roughly 35 million gallons of nuclear waste currently stored on-site in aging underground tanks.
Michael Burke, AECOM's chairman and chief executive officer, in a prepared statement said his team was "extremely pleased" with the move.
"We have been on a deliberate course to maximize the value of our industry-leading franchises since 2017," Burke continued.
John Vollmer, the president of the Management Services business, and the existing management team will stay onboard and continue to lead, according to AECOM.
"American Securities and Lindsay Goldberg have impressive track records of building lasting value for their portfolio companies, particularly in the government services sector," Vollmer said in a statement.
AECOM bills itself as an international infrastructure firm employing tens of thousands of people. The Los Angeles-headquartered company took in $20.2 billion of revenue during fiscal year 2018, according to its website.
Inquiries made to Savannah River Remediation were redirected to AECOM.