Canadian private equity firm Clairvest Group has made a US$25.6 million investment in Winters Bros Waste Systems of Long Island Holdings LLC. The investment support’s the company’s recently announced acquisition of waste management assets of Progressive Waste Solutions Ltd. Winters Bros of Long Island provides collection services and operates a network of transfer and recycling facilities across Long Island, New York. Clairvest’s investment represents its third partnership with Joe and Sean Winters who, together with their family, are the company’s principal shareholders. Last July, Clairvest raised $600 million for its fifth fund, Clairvest Equity Partners V LP.
Clairvest Announces Its Fifth Investment in the Waste Management Industry and First Investment for Clairvest Equity Partners V
TORONTO, ON–(Marketwired – March 04, 2015) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) today announced that it, together with limited partnerships controlled by it, made a US$25.6 million investment in Winters Bros. Waste Systems of Long Island Holdings, LLC (“Winters Bros. of Long Island” or the “Company”). This investment will serve to support the Company in acquiring the Long Island operations of Progressive Waste Solutions. Clairvest’s portion of the investment is US$7.7 million.
Winters Bros. of Long Island provides commercial, industrial and residential waste collection services and operates an extensive network of transfer and recycling facilities across Long Island, NY. This is Clairvest’s third partnership with Joe and Sean Winters who, together with their family, are the Company’s principal shareholders. Today, Clairvest is also partnered with Joe and Sean Winters in Winters Bros. Waste Systems of CT, a waste collection and recycling company based in Danbury, Connecticut. Joe, Sean and Clairvest also completed a successful investment together on Long Island in 2007.
“We are partnering with first in class business builders in their home market where the Winters family has built and operated successful waste collection businesses since the 1950’s. We are proud to support, once again, Joe and Sean in building a strong market leader on Long Island”, said Michael Castellarin, Managing Director of Clairvest.
“We are delighted to partner with Clairvest. We work well together and I appreciate the value they add to me and my team. We are partnering with Clairvest for the third time because we trust them and know that they will work alongside us to help achieve our goals once again”, said Joe Winters, CEO of Winters Bros. of Long Island.
Winters Bros. of Long Island represents Clairvest’s 45th platform investment and the 1st investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753
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