Whitecastle Private Equity Partners Invests In Turtle Island Recycling Corporation
Toronto, CA - Whitecastle Private Equity Partners Fund LP ("Whitecastle"), a Toronto based private equity firm, announced recently it has completed an investment in Turtle Island Recycling Corporation ("Turtle Island or the Company"). "Whitecastle's partnership with Turtle Island provides us with an entry point into Canada's largest market for environmental services," said Whitecastle Managing Director Carey Diamond. "We view this industry sector as having considerable growth opportunities, and we look forward to working with the Company's management team to continue to grow Turtle Island into one of Canada's foremost environmental services enterprises.
"Turtle Island is a true Canadian success story, and its profitable growth, outstanding customer service and business innovations are testaments to the management team and particularly to the co-founders, Ted Manziaris and Louis Anagnostakos," said Whitecastle Managing Director Elmer Kim.
Turtle Island, one of the leading recycling and waste management companies in the Greater Toronto Area, provides non-hazardous solid waste and recycling collection services to commercial and industrial customers, as well as to residential customers. The Company also owns and operates a transfer station and material recovery facility located in downtown Toronto. The Company was founded in the early 1990s by Ted Manziaris and Louis Anagnostakos and both of them will continue in their current management roles with the Company. They will be joined by Steve Brown as Chief Financial Officer. Most recently Mr. Brown was an Executive-In-Residence at Whitecastle and previously a co-founder and Chief Financial Officer of Cineplex Galaxy Income Fund.
The bank financing for Whitecastle's investment was provided by the National Bank of Canada. National Bank of Canada has become Turtle Island's banker and provides the Company with a working capital facility. "National Bank is pleased to be a part of this new financing. As a Lender with a specific commitment to serve growing entrepreneurial companies, we welcome the opportunity to support the talent and dedication of Turtle Island's co-founders in their new partnership with Whitecastle," said National Bank Vice President, Lili Shain.
"We believe that Turtle Island's new partnership with Whitecastle will allow us to continue to grow the Company as opportunities present themselves in the growing and constantly changing environmental services sector, said Mr. Anagnostakos. "The expertise and financial capital Whitecastle provides will ensure that Turtle Island is leading the charge in this industry," added Mr. Manziaris.
SOURCE: Whitecastle