WESTON Accepts Two Environmental Business Journal Awards for 2004

The Environmental Business Journal announced its 2004 Business Achievement Awards in its February issue. Every year, the magazine provides recognition of companies and outstanding projects outperforming the market. WESTON won in the categories of Management and Project Merit. WESTON representatives accepted the awards on March 30th at the 2005 Environmental Industry Summit in San Diego, CA.

Management is a new category for this year, selected by EBJ and editorial board members to recognize firms and executives that merit special recognition for leadership, turnaround and company performance.

In 2001, WESTON’s management led us to become a private, employee-owned company through capital from American Capital Strategies (ACAS), investments from senior managers and bank loans. As a result of our strong financial performance and ability to reduce debt quickly, we purchased all of ACAS’s controlling shares of WESTON stock, refinanced our debt and became 100% employee-owned in 2004.

According to EBJ, “Weston Solutions is now 100% employee owned, growing and performing very well."

Under the Project Merit Award category, WESTON was chosen for leading the redevelopment of historic hospital facilities at Fort Sam Houston, San Antonio, TX, by spearheading the first Enhanced Use Leasing agreement between the U.S. Army and a private developer. Three abandoned buildings, including the famous former Brooke Army Medical Center, were in disrepair and contaminated with lead, asbestos, PCBs, and mercury, leaving underutilized assets and high maintenance costs.

WESTON and its partner, Orion Partners, developed a business and lease plan and obtained $60 million in financing for rehabilitation, preservation and environmental restoration. Two of the three buildings are now 100% occupied, providing tenants with top-grade facilities. The Army reduced operating costs, secured funds for potential infrastructure upgrades, preserved historic assets, and created the opportunity to receive new installation missions.

This redevelopment stands as the Army’s most successful Enhanced Use Lease project and serves as a model for future military and private sector partnerships.