Kinderhook Industries, the New York-based private equity firm, announced the acquisition of a new platform investment in Rizzo Environmental Services, a Michigan-based municipal solid waste company. Specifics of the deal weren’t publicized. Comerica provided financing.
New York, NY – Kinderhook Industries, LLC announced today the acquisition of a new platform investment, Rizzo Environmental Services, Inc. (formerly known as Rizzo Services, Inc.). Rizzo Environmental Services, Inc. (“Rizzo”) represents the eleventh environmental services transaction completed by Kinderhook in the last four years. Financial terms of the transaction were not disclosed.
Headquartered in Sterling Heights, Michigan, Rizzo is a market leader throughout Southeast Michigan in the provision of municipal solid waste (“MSW”) collection. The Company’s services include curbside collection of MSW, recycling and compost. Currently, Rizzo provides collection services in 16 municipalities throughout Southeast Michigan.
“The recapitalization of Rizzo by Kinderhook will enable the Company to continue to expand its service footprint throughout Southeast Michigan,” said Chuck Rizzo, Jr., CEO, President and Founder of Rizzo Environmental Services. “Our partnership with Kinderhook will enable us to further grow our platform and expand our current service offerings.”
“Rizzo has had extraordinary growth due to its loyal customer base, market leading service and exceptional management team led by Chuck Rizzo Jr. who has 25 years of waste industry knowledge. This management team brings unprecedented leadership and relationships and we are excited to partner with them,” said Rob Michalik, Managing Director at Kinderhook Industries. “Rizzo’s long history in the Southeastern Michigan waste market began with Chuck’s father, Charlie Sr., who will continue as an advisor to the Company.”
Financing for the transaction was provided by Comerica. Kirkland & Ellis served as legal counsel to Kinderhook Industries.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $25-$100 million in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook Industries has a history of successfully building privately held firms in partnership with management. For more information please visit: www.kinderhook.com
About Rizzo Environmental Services
Rizzo Environmental Services is a Southeast Michigan based municipal solid waste collection company. For more information on Rizzo, visit: www.rizzoservices.com