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
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SOURCE Interstate Waste Services, Inc.