Action Environmental Group, a portfolio company of Summer Street Capital Partners and Ironwood Capital Management, has acquired the New York and New Jersey assets of Interstate Waste Services.
Action Environmental Group is a regional provider (New York and New Jersey) of solid waste and recycling collection services as well as a provider of solid waste processing services. The company’s network of operating sites, transfer stations and material recycling facilities provides broad market coverage to one of the most populous regions in the United States. Action Environmental Group is headquartered in Newark, NJ (www.actioncarting.com).
Interstate Waste Services is a regional provider of commercial and municipal waste hauling and processing services. The company is based in Basking Ridge, NJ (www.interstatewaste.com).
The acquisition of the New York and New Jersey assets of Interstate Waste Services will allow Action Environmental Group to expand its territories. “We are excited about re-entering Northern New Jersey and lower New York State to not only renew existing relationships with Interstate Waste employees and customers but to embark on new relationships within the communities we serve. We will continue our philosophy of providing excellent customer service, and environmental innovation all delivered through a dedicated and effective workforce,” said Action Environmental Group chairman Michael DiBella.
Senior financing for this transaction was provided by Comerica Bank’s Environmental Services Department through a syndicate which also included Webster Bank, Union Bank, and CoBank.
Summer Street Capital Partners has approximately $550 million of committed capital focused on investing in small-market companies. Equity investments typically range from $15 million to $50 million in companies with annual revenues of less than $200 million. The firm invests in a range of industries but has particular interest in education, environmental services, healthcare and niche manufacturing. Summer Street’s investment team is complimented by the firm’s operating partners who are involved in building value in the firm’s portfolio companies. Summer Street was founded in 1999 and is based in Buffalo (www.summerstreetcapital.com).
Ironwood Capital employs over 20 professionals most of whom are in the firm’s Avon, CT headquarters and traces its roots to its formation in 1986 as a subsidiary of Aetna. The company was acquired from Aetna in 1991, at which time it adopted the Ironwood Capital name. The firm has invested over $400 million in approximately 90 U.S.-based middle market companies since 2001 (www.ironwoodcap.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-28-13
