Company sees opportunity to transform the site into an "Eco-Park" to provide the City of Philadelphia with additional sustainable disposal services
Deptford, NJ /PRNewswire/ - Gold Medal Group, and its wholly-owned subsidiaries (collectively "GMG") announced today the acquisition of Envirowaste LLC and Commonwealth Commons, LLC, two companies that own and operate a fully permitted solid waste management and resource recovery facility located on 4.7 acres in South Philadelphia ("Envirowaste").
Envirowaste is permitted for the processing of 1,000 tons of construction material and municipal solid waste per day. The LEED Certified facility provides construction and demolition recycling services utilizing an automated material sorting and recovery system. The Envirowaste acquisition gives GMG control over a strategically located disposal asset in the Philadelphia market, where the Company currently collects approximately 150,000 tons of waste per year. The Envirowaste facility has direct rail service with Conrail to enable efficient and more environmentally friendly transportation of outbound materials, that cannot be recovered or recycled, to landfill destinations in the Northeast.
As part of the acquisition, GMG acquired an option to purchase 4.5 acres of adjacent property to support the potential expansion of the facility. GMG sees a future opportunity to transform the entire site into an Eco-Park for the City of Philadelphia through the addition of expanded recycling operations and other sustainable services. GMG is also having preliminary discussions with BioHiTech Global, Inc. (NASDAQ : BHTG ), a technology and services company that provides cost-effective and sustainable waste management solutions, to explore the possibility of co-developing a HEBioT renewable waste facility at the site, similar to the facility in Martinsburg, West Virginia that is expected to commence operations later this year which the companies co-own. BioHiTech controls the exclusive U.S. development rights for this patented HEBioT solid waste processing technology in 11 northeastern states and the District of Columbia.
"We are excited about the expansion of our operations in the Philadelphia market through the acquisition of Envirowaste," said Mike Schmidt, Executive Vice President of GMG. "This acquisition not only provides us with a better ability to service our growing customer base in Philadelphia and the surrounding area, but it also serves to demonstrate our commitment to building more sustainable operations. Our option to acquire additional property at the site also gives us the ability create a future Eco-Park hub in the city and we look forward to exploring that possibility with our partners at Kinderhook and BioHiTech, as well as the City of Philadelphia."
"We are pleased to have assisted Gold Medal in strengthening its operations through the acquisition of Envirowaste," said Rob Michalik, Managing Director at Kinderhook. "Envirowaste represents a highly strategic acquisition for Gold Medal's expansion plans in the Philadelphia area and provides a unique platform opportunity for sustainable waste management within one of the largest cities in the country. We are committed to supporting Gold Medal's regional expansion efforts and look forward to helping the company build value through more sustainable waste management services in the coming years."
About Gold Medal
Gold Medal Group, headquartered in Deptford, New Jersey, operates a waste and recycling services company operating in Pennsylvania, New Jersey, Maryland, and West Virginia. Gold Medal offers a complete range of integrated services to thousands of customers in the region. The company serves residential, institutional, commercial and industrial locations. Gold Medal offers superior collection, recycling, disposal and dumpster rental services 24 hours a day and seven days a week. For more information, please visit: www.goldmedal.net.
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $2.0 billion of committed capital. We have made in excess of 180 investments and follow-on acquisitions since inception. Kinderhook's investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders. For more information, please visit: www.kinderhook.com.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ : BHTG ), is changing the way we think about managing waste. Our innovative waste management services combined with our disruptive technologies provide sustainable waste disposal and supply chain management solutions for businesses and municipalities of all sizes. Our technology platform, including the on and off-site biological treatment of waste, is designed to reduce overall waste generation and virtually eliminate landfill usage while creating a valuable renewable fuel. For more information, please visit www.biohitech.com.
For more information about the HEBioT technology, please visit: https://renewables.biohitech.com/
SOURCE: Gold Medal GroupCopyright 2018 PR Newswire. All Rights Reserved