Interstate Waste Services Announces Acquisition of Oak Ridge Waste & Recycling
NEW YORK, Feb. 12, 2024 /PRNewswire/ -- Interstate Waste Services, Inc. ("IWS"), a leading, vertically integrated waste-by-rail provider of solid waste collection, disposal and recycling services announced it has entered into a definitive agreement to acquire Oak Ridge Waste & Recycling ("Oak Ridge"), one of Connecticut's preeminent providers of waste collection, transfer, and recycling services in Southwestern Connecticut and Suburban New York, further expanding IWS's service footprint into the tristate area. The transaction is expected to close by the end of the first quarter of 2024.
The acquisition comes on the heels of IWS subsidiary Action Environmental's selection as an authorized waste and recycling hauler under New York City's Commercial Waste Hauling Program, Local Law 199. IWS subsidiary, Action Environmental, was awarded 14 out of 20 zones and a city-wide containerized award, more zones than any other hauler, positioning IWS for significant growth in New York City.
Oak Ridge serves commercial, residential, municipal, and industrial customers throughout Western Connecticut and New York's Westchester and Putnam Counties through a network of collection and post-collection facilities, including a waste-by-rail transfer and recycling facility in Danbury, a state-of-the-art materials recovery facility in Shelton, CT and a transfer station in Norwalk, CT. The company's intense focus on service excellence delivered through a local, high-touch family culture aligns well with IWS, which is celebrating its 25th anniversary serving a broad regional footprint in New York and New Jersey with a similar high-touch, local, family business culture.
"Oak Ridge has an established presence in an attractive adjacent market delivering collection and processing services through a dedicated workforce and an entrenched culture that fits exceptionally well with IWS," said Michael DiBella Chief Executive Officer of Interstate Waste Services. "Since our teams have experience working side-by-side, we expect a seamless transition and the immediate benefit of not only the IWS vertically integrated rail assets, but also resources for further investment in people, assets and systems, along with the collaboration of experienced leadership in both organizations."
"We are excited to combine businesses and secure the resources for further growth in our markets while leveraging IWS's waste-by-rail network," Oak Ridge's Managing Partner and CEO John Decker said. "Mike [DiBella] and I have a long professional relationship and our teams have worked together making this a natural fit."
The acquisition of Oak Ridge marks the first geographic expansion since IWS announced in late 2023 it had completed an equity recapitalization led by the Private Equity Group of Ares Management Corporation (NYSE: ARES) and Littlejohn & Co., a private investment firm based in Greenwich, CT, who has been an investor in IWS since 2020. The equity recapitalization was supported by a broadly syndicated term loan financing that provides IWS with significant liquidity and capital to execute on its growth plans.
Stifel served as financial advisor to Oak Ridge Waste & Recycling, and Whiteman Osterman & Hanna served as legal counsel. Kirkland & Ellis LLP served as legal counsel to Interstate Waste Services.
About Interstate Waste Services, Inc.
Interstate Waste Services, Inc. ("IWS") is a vertically-integrated provider of solid waste and recycling services in the greater New York City and Northern New Jersey markets. IWS operates over 600 collection vehicles throughout the five boroughs of NYC, Northern and Central NJ, and Orange and Rockland County New York serviced by a network of 22 material recovery, transfer, transload facilities and a rail-served solid waste landfill. IWS is one of the most progressive and innovative providers of non-hazardous waste management services with a diverse range of residential, industrial and commercial customers. As one of the largest privately held solid waste companies in the US, IWS is a leader in the utilization of waste-by-rail transportation to reduce vehicle miles traveled and resulting greenhouse gas emissions. For more information, please visit www.interstatewaste.com.
About Oak Ridge Waste & Recycling, LLC
Oak Ridge Waste & Recycling, LLC is a leading provider of solid waste collection, transfer, recycling and waste-by-rail disposal services in Southwestern Connecticut and Suburban New York. Oak Ridge provides residential, commercial and C&D waste and recycling services through a regional network of transfer, trans-load and material recovery facilities. The company serves approximately 27,000 customer locations including offices, shopping malls, restaurants, conference centers, and private homes, among others. Oak Ridge has built a community-focused culture that has made them the "go-to" partner in the community.
Contact
Abby Fleissner
Director of Marketing
Interstate Waste Services, Inc.
afleissner@interstatewaste.com
T: 716.400.9129
View original content to download multimedia:https://www.prnewswire.com/news-releases/interstate-waste-services-announces-acquisition-of-oak-ridge-waste--recycling-302058936.html
SOURCE Interstate Waste Services, Inc.
