Post Capital Partners has acquired the Puerto Rico solid waste operations of Waste Management. No financial terms were disclosed for the transaction; however, Banco Popular de Puerto Rico provided the debt financing. The new company will be called EC Waste and be headquartered in Humacao.
New York, NY and San Juan, Puerto Rico, May 1, 2014 – A new ownership team led by Post Capital Partners and 30-year waste management industry veteran Randy Jensen has acquired the solid waste operations of Waste Management, Inc. (NYSE: WM) in Puerto Rico. Waste Management will remain an investor in the new company, which is called EC Waste. The transaction also includes landfill and hauling operations in Alabama. Terms of the transaction were not disclosed.
EC Waste is the leading waste management provider in the Commonwealth of Puerto Rico, with fully integrated operations that include four hauling operations, two transfer stations and three landfills. The landfill facilities include two of the island’s three Subtitle-D landfills. EC Waste will be headquartered in Humacao, with major facilities in San Juan, Caguas, Peñuelas, Humacao, and Mayagüez.
“We are pleased to continue working with our industrial and commercial customers as well as our major municipal customers in San Juan, Caguas, Humacao, and Mayagüez to provide high quality, environmentally sound services,” said EC Waste Chief Executive Officer Randy Jensen. “EC Waste has a talented and seasoned workforce, and we anticipate increasing employment opportunities in Puerto Rico as EC Waste invests in growth initiatives. At the same time, we will focus on simplified invoicing and enhancing the customer experience, while providing additional resources focused on expanding our relationships with existing customers and attracting new customers.”
“An important element of the sales process was finding a new ownership team that understands the waste management industry from the bottom up,” said Waste Management’s Vice President of Supply Chain, David McConnell. “We are pleased to participate as investors in EC Waste and look forward to working with the new ownership team.”
Post Capital Managing Director Michael Pfeffer added, “Randy Jensen is a superb operator with a proven track record of working with both customers and employees to deliver high-quality waste management services.” Pfeffer also noted that he and Jensen have previously successfully partnered in the solid waste industry through an investment in American Disposal Services (ADSI), which went public in 1996 and was later sold to Allied Waste. Jensen, an Executive Partner with Post Capital, worked closely with Post Capital’s investment team to identify and structure the EC Waste transaction.
Banco Popular de Puerto Rico provided debt financing for the transaction.
About Waste Management
Waste Management, Inc., based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management visit www.wm.com or www.thinkgreen.com.
About EC Waste CEO Randy Jensen
Randy Jensen, a 30-year veteran of the solid waste industry, started his career in suburban Chicago on the back of a garbage truck at a small private hauling company before working his way up to facilities management, operations management, sales, and senior management positions at large waste management companies. He was a regional manager for American Disposal Services (ADSI) prior to ADSI’s acquisition by Allied Waste. Following Allied Waste’s sale to Republic Services, he served as Republic’s Area President for the Gulf Coast.
About Post Capital Partners
Post Capital Partners (www.postcp.com) is a private investment firm that makes both minority growth and control investments. Post Capital primarily employs an “Executive-First” deal sourcing and investment strategy in which it pursues “Executive-First” platform searches, management buyouts and growth capital investments. Based in New York City, Post Capital invests a committed capital fund with top-tier institutional and sophisticated private investors.