Kinderhook Industries has acquired Gold Medal Services, a provider of municipal, commercial and industrial solid waste collection as well as commercial recycling processing and brokerage.
Gold Medal has a fleet of over 100 vehicles and provides collection services to 6,000 commercial and industrial locations and over 150,000 residences in the Philadelphia and Southern New Jersey markets. Gold Medal is headquartered near Philadelphia in Deptford, NJ (www.goldmedal.net).
Glen Miller and Jim Sage founded Gold Medal in 2014 after completing the acquisitions of Integrated Waste Services and Gold Medal Disposal and the company has completed eleven acquisitions in total. “We are very excited to partner with Kinderhook at this inflection point in the company’s history,” said Mr. Miller. “The recapitalization will enable the company to expand its service footprint in Philadelphia and South New Jersey, and build on our strong history of acquisitions.”
The buy of Gold Medal by Kinderhook was completed in conjunction with the formation of a new partnership with BioHiTech Global (OTCQB: BHTG), a green technology company based in Chestnut Ridge, NY, that develops and deploys waste management technologies. Gold Medal has entered into a management services agreement with BioHiTech (www.biohitech.com).
The buy of Gold Medal represents Kinderhook’s 32nd environmental services acquisition. “I am pleased to partner with Kinderhook,” said Frank Celli, Chief Executive Officer of BioHiTech. “Their extensive experience in environmental services and emerging technologies, coupled with their significant financial resources, make them a valuable partner for BioHiTech as we begin to utilize our proprietary technology to set a new standard for sustainable and cost-effective waste disposal in the United States.”
“Gold Medal has established itself as a leading independent collection business within the Philadelphia and Southern New Jersey markets,” said Rob Michalik, Managing Director at Kinderhook. “We believe that our capital, resources and industry expertise will help accelerate the company’s significant market potential via both organic and acquisition-driven growth.”
Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small capitalization companies lacking institutional support. Sectors of interest include healthcare services, environmental/business services, and automotive/light manufacturing. Kinderhook was founded in 2003 and is based in New York (www.kinderhook.com).
Financing for the transaction was provided by Comerica Bank.
© 2018 Private Equity Professional | January 30, 2018
