BATON ROUGE, La. and CHARLOTTE, N.C., July 20, 2023Bernhard Capital Partners (“Bernhard Capital” or “BCP”), an infrastructure and services-focused private equity management firm, today announced that BCP [Fund I] portfolio company Charah Solutions Inc. (“Charah” or “the Company”), a leading provider of mission-critical environment services and byproduct recycling to the power generation industry, completed its previously announced sale to funds managed by SER Capital Partners (SER).

Founded in 1987 and based in Louisville, KY, Charah provides on-site, essential services that enable its customers to continue operations and provide necessary electric power to communities nationwide. Bernhard Capital first partnered with Charah in 2017, supporting the company’s initial public offering in June 2018, and continuing to work closely with management to leverage BCP’s deep expertise and to identify and execute on a range of near- and long-term growth objectives. Today, the company provides on-site mission-critical environmental services at more than 50 coal-fired generation sites across the country, routinely handling or beneficiating more than 20 million tons of ash each year.

“Charah’s suite of leading coal ash management, environmental remediation, and byproduct recycling and marketing services have only grown in demand as the power generation industry continues to seek new, innovative and sustainable solutions to increasingly complex environmental challenges,” said Mark Spender, Partner at Bernhard Capital Partners. “We are pleased to have worked closely with the Charah team to thoughtfully enhance its offerings and service a growing base of blue-chip customers. We look forward to Charah’s continued success in this next chapter.”

Jonathan Batarseh, President and Chief Executive Officer of Charah Solutions, said: “I am thankful to the BCP team for their valuable partnership and supporting Charah – as both a private and public company over the past six years – as we continue to build on our momentum and pursue our mission to be the leading provider of mission-critical environmental services with unparalleled service and innovation.”

About Bernhard Capital Partners

Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies, has approximately $3.0 billion of gross assets under management. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating and growing services and infrastructure businesses. For more information, visit

About Charah Solutions, Inc.

With more than 35 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct recycling to the power generation industry. Based in Louisville, Kentucky, Charah Solutions is the partner of choice for solving customers’ most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing greenhouse gas emissions for a cleaner energy future. Charah Solutions assists utilities and independent power producers with all aspects of sustainably managing and recycling ash byproducts generated from the combustion of coal in the production of electricity. The Company also designs and implements solutions for ash pond management and closure, landfill construction, structural fill projects, power plant remediation and site redevelopment. As a sustainability leader, Charah Solutions is dedicated to preserving our natural resources in an environmentally conscious manner and is focused on developing innovative solutions for the betterment of the planet, the communities in which it operates and its customers. For more information, please visit