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Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle-market focused private equity team within Morgan Stanley Investment Management, today announced the sale of Alliance Technical Group (Alliance), a leading provider of environmental testing and compliance services, to private equity funds affiliated with Blackstone. Financial terms of the transaction were not disclosed.
Founded in 2000 in Decatur, Alabama as a small stack-testing business, Alliance has evolved into one of North America's most comprehensive environmental services platforms. Since MSCP's investment in 2021, the company has scaled substantially through market-leading organic growth, strategic M&A, expansion into complementary adjacent service lines, investment in technology capabilities, and the buildout of an integrated national operating platform. These initiatives broadened Alliance's capabilities, enhanced its technical depth, and positioned the company as a differentiated partner to customers navigating increasingly complex environmental standards.
Eric Kanter, Head of Industrial Services for MSCP, said: "We're proud to have partnered with Chris LeMay and the entire Alliance team to accelerate the company's growth and advance its mission to deliver comprehensive environmental solutions. Over the course of our partnership, the team built a truly differentiated and unique business within Environmental Testing, Inspection, Certification, and Compliance (TICC), which we believe is well positioned for continued success. We are extremely grateful for their hard work and dedication and look forward to seeing the company's next chapter unfold."
Chris LeMay, CEO of Alliance Technical Group, commented: "Our partnership with MSCP accelerated Alliance's growth and enabled us to build a more diversified, integrated environmental services platform while staying true to our culture and client-first approach. I'm incredibly proud of our team's dedication and execution over the past several years. As we look ahead, we're excited to partner with Blackstone to continue investing in our people, strengthening our processes, and delivering industry-leading technology for our clients."
Piper Sandler & Co. acted as financial advisor to Alliance, with co-advisory support from Robert W. Baird & Co, Houlihan Lokey, and Environmental Financial Consulting Group (EFCG). Jones Day served as legal advisor to MSCP.
About Alliance Technical Group
Alliance Technical Group, LLC (Alliance) , headquartered in Decatur, AL, is the premier environmental services and solutions company dedicated to helping facilities achieve their environmental goals and navigate regulatory changes. With more than 2,200 employees located in 60-plus offices across the U.S. and Canada, Alliance specializes in Environmental Compliance, On-site Testing and Monitoring, and Laboratory Testing and Analysis. Driven by innovation, committed to service, and focused on client success, Alliance delivers on the promise of reliability, results, and responsiveness.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital for over three decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, education and industrials markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im/capitalpartners .
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit https://www.morganstanley.com/im
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit https://www.morganstanley.com/
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Morgan Stanley: Alyson Barnes
(646) 995-8898
alyson.barnes@morganstanley.com
