The new platform has recently completed its first two acquisitions with the purchases of Stepp Equipment Company and Galfab, Inc. These two companies have combined annual revenues of approximately $40 million. The two companies will continue to operate in their existing locations. Millbrook Capital is actively seeking similar acquisitions.
“I am extremely excited about combining two experienced companies in the waste and recycling equipment industry. The experience and expertise these two companies bring to this industry are unmatched,” said Greg Podell, Wastebuilt CEO.
Stepp Equipment specializes in the refuse, scrap and recycling industry. The company was established in 1959 by Jim Lambert Sr. and has grown to sell and service a large sector of the refuse industry in Northern Illinois, Northern Indiana, and Wisconsin. Stepp has offices in both Chicago and Metropolitan Milwaukee (www.steppequipment.com).
Galfab is a manufacturer of cable roll-off hoists, single axle hook hoists, open top roll-off containers, packer receiver containers, self-contained compactors, self-dumping hoppers, and various other products for transportation in the garbage and scrap industry. The company is based in Winamac, IN (www.galfab.com).
“We believe that the national haulers, municipalities, dealers, distributors, and local haulers in the waste and recycling industry will benefit from a well-capitalized and customer-focused source for equipment, parts, and maintenance,” said Alan Rivera, Executive Vice President and Chief Financial Officer of Millbrook Capital Management. “By combining a leading service, parts and distribution company with a high quality manufacturing company, we have drawn on the best of both worlds.”
“I am looking forward to being part of Wastebuilt,” said Don Galbreath, owner of Galfab Manufacturing. “After over 50 years in the industry, I cannot think of a better partner than Stepp Equipment. I am thrilled Wastebuilt brought us together.”
Millbrook Capital Management was founded by John Dyson and invests in buyouts, divestitures, and take-private transactions of lower middle-market manufacturing and business services companies. The firm is based in New York (no website found).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-11-13