Aperion Management has sold its investment in Stella Environmental, a municipal solid waste company, to Action Resources. Aperion and Ocean Avenue Capital Partners acquired Sprint Logistics in February 2012 and renamed the company Stella Environmental.
Stella Environmental is a provider of municipal solid waste transfer station management and transportation services in the Texas and southwestern US market. Transfer station management is the loading and transportation of tractor-trailer loads of waste from in-town processing facilities to remote landfills. Stella is based in Houston (www.stellaenv.com).
Aperion’s investment in Stella was very successful and yielded a 60% gross IRR. During Aperion’s ownership term Stella expanded its services and areas of operation from Houston throughout Texas and into the southwestern US. In doing so, the company nearly doubled its EBITDA, primarily through organic growth. “With Aperion Management as our partner, we have been able to enter into new markets, strengthen the relationships with our customers and improve the quality of our services,” said Wilfred Roth, president of Stella Environmental.
“We are proud of Stella Environmental’s accomplishments, and it was a pleasure to partner with Wilfred Roth and his team,” said David Brady, a Managing Director of Aperion Management. “Stella Environmental is well positioned to continue this track record of growth as part of Action Resources and we wish them the best.”
Action Resources is a provider of specialty chemical and hazardous waste transportation services. The company was founded in 1995 and is headquartered north of Birmingham in Hanceville, AL (www.action-resources.com). As part of Action Resources, Stella Environmental will now operate as Action Transfer Services.
Ocean Avenue Capital Partners, which co-invested with Aperion in the Stella transaction, invests from $1 million to $10 million in companies with EBITDA from $1 million to $10 million. The firm is based in Santa Monica (www.oceanavenuecapital.com).
Raymond James & Associates was the financial advisor to Stella Environmental.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-9-15
