Interstate Waste Services Bought By Private Equity Firm
IWS is one of the largest independent municipal solid waste companies in the United States. Based in Sloatsburg, New York, IWS operates in 21 municipalities in northern New Jersey and in the lower Hudson Valley region of New York, which are among the most densely-populated and highly attractive waste management marketplaces in the United States. IWS owns and manages a network of strategically located transfer stations and owns and operates a high volume material recycling facility. Currently, IWS controls over 3,400 tons per day of waste through its collection and transfer station operations.
IWS has been an active consolidator in its marketplace, closing several acquisitions in the last four years. IWS is owned by a group including the five entrepreneurs who founded the Company in 2002 and by private equity investors Summer Street Capital Partners and Ironwood Capital.
Frank E. Celli, CEO of IWS said, "My partners and I are very excited by the combination of IWS and North East Waste Services. The combined company will benefit from IWS' excellent collection and transfer stations operations and North East Waste Services' network of long haul operations, transfer stations and landfills."
IWS founders Frank Celli and Mike DiBella will remain as Chief Executive Officer and Vice President of Collection Operations, respectively, and will retain an ongoing ownership interest in the combined IWS and North East Waste Services businesses.
Brian D'Amico of Summer Street Capital Partners, an investor in IWS, commented that the "IWS management team has done an exceptional job in building IWS organically and through acquisitions into one of the premier operations in the industry. This combination with North East Waste Services is an outstanding result for the owners and employees of IWS, as well as for the Company's investors."
"IWS is a unique collection of assets in one of the best municipal solid waste markets in the country, operated by an excellent management team." said Craig Korte, Vice President at Goldsmith Agio Helms. "This transaction provides Highstar II with the perfect complement to its strong existing platform in the northeastern U.S. With this combination North East Waste Services and IWS have become one of the most important players in the MSW industry."
The five founders of IWS formed the Company in early 2002 and quickly built IWS into a regional leader. Reflecting on this success, Goldsmith Agio Helms Managing Director Steve Miles commented, "This is one of the most significant M&A transactions in the municipal solid waste industry this year. The success of IWS' founders in building their company into a regional force and a desirable partner for North East Waste Services in a relatively short period of time demonstrates the entrepreneurial opportunities still available in the environmental services sector."
SOURCE: Goldsmith Agio Helms