Prospect Partners has acquired Waste Harmonics, a provider of outsourced waste management services. Expedition Capital Partners and the management team of the company co-invested alongside Prospect Partners.
Waste Harmonics provides outsourced waste management services – pick-up, hauling, recycling, and sustainability – to companies with multiple locations across a wide geographic territory. The company manages all invoicing and reporting and provides analytics that measures volumes, equipment usage, and waste service frequency needs. Waste Harmonics also provides rental waste equipment such as containers and compactors, as well as equipment installation and repair services, and temporary containers for construction waste. The company was founded in 2001 and is headquartered south of Rochester in Victor, NY (www.wasteharmonics.com).
Waste Harmonics is led by Michael Hess, its President and CEO. “We are in the midst of a thrilling, fast-paced chapter of growth and are excited to have Prospect Partners and Expedition Capital Partners, with their proven expertise building niche companies, as our private equity partners. Their support will help us achieve many of our expansion goals on the aggressive timeline we have established.”
Subsequent to the closing of this transaction Waste Harmonics acquired Consolidated Waste Management (CWM), an outsourced waste management service provider based in Columbus, OH and Hartford, CT (www.consolidatedwm.com). CWM’s leadership – Justin Bodey, President; Dick Putnam, Executive Vice President; and Mark Wiseman, Vice President, Business Development – have joined Waste Harmonics and will focus on growing the combined business.
Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues of less than $75 million. Areas of interest include niche manufacturing, distribution, and specialty service markets. Since 1998, Prospect Partners has built 47 platforms by investing in more than 130 businesses. Waste Harmonics becomes the 11th platform company in Prospect Partners III, LP. Prospect Partners has $470 million of capital under management and is based in Chicago with an additional office in Menlo Park (www.prospect-partners.com).
“We are very excited to be partners with Mike and his talented management team,” said Maneesh Chawla, a Principal of Prospect Partners. “Waste Harmonics’ success is due both to its savvy leaders and its genuine core focus on customer service. We look forward to supporting management’s many forward-thinking initiatives, and see significant opportunities for continued growth.”
Expedition Capital Partners invests in lower middle market companies that have at least $2 million of EBITDA. Sectors of interest include business services; consumer products and services; distribution and logistics; education and training; healthcare; infrastructure; manufacturing; and waste & recycling. The firm is led by its managing director Michael Hendrie and is based in Chicago (www.expedition-partners.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-20-16