FREEPORT, Fla., Sept. 8, 2008 (GLOBE NEWSWIRE) -- Emerald Waste Services, LLC ("EWS"), a WHI Capital Partners portfolio company today announced the acquisition of Waste Management, Inc. of Florida's ("WMI") municipal solid waste (MSW) collection routes in and around Gainesville, FL, Volusia County, FL as well as areas around Tallahassee, FL. The transaction also includes the purchase of a transfer station in Gainesville. This transaction is an important milestone in the development of EWS as it further diversifies its revenue base and expands its service territory, which now runs from Pascagoula, MS to Daytona Beach, FL. EWS continues to be one of the leading independent providers of non-hazardous solid waste management services in its region.
In the transaction with WMI, EWS acquired 77 residential MSW collection routes across 16 municipalities in North and Central Florida, as well as 17 commercial MSW routes in the territory. Along with its existing MSW collection contracts, EWS now services more than 118,000 residential customers and 27,000 commercial customers, and generates approximately 70% of its revenues from MSW collection routes. EWS' service territory now covers 40 counties across three states.
To complement its MSW operations, EWS owns and operates ten landfills and is the largest owner of C&D landfill airspace in the Gulf Coast region stretching from southeast Mississippi to northwest Florida. EWS' service area continues to experience strong population growth, commercial real estate development and expanding military facilities. The Bay County International Airport, which when completed will be larger than Tampa International Airport, is under construction and due for completion in 2010, and is located in the heart of EWS' service territory and is expected to significantly augment growth in the region.
"In two and a half years, we have successfully built an outstanding business that is well positioned to benefit from the future growth of the region," said EWS CEO, Bart Begley. "The WMI acquisition is an important strategic milestone as we continue to build our MSW operations, both in disposal and collection."
"The combination of EWS' existing landfill capacity and hauling operations with the acquired WMI assets and contracts provides us with an ideal revenue mix between MSW and C&D," said WHI Capital Partners' Managing Partner Adam Schecter. "We will continue to aggressively grow this platform both organically as well as through strategic acquisition opportunities that our team has identified."
Since its formation, EWS has successfully closed and integrated seven acquisitions in the Gulf Coast and Central Florida region to become one of the leading independent providers of waste management services in this high growth geography.
About Emerald Waste Services
Emerald Waste Services LLC, a WHI Capital Partners portfolio company, is a leading provider of solid waste services in the Gulf Coast and Central Florida region. The company owns and operates ten landfill sites and runs a fleet of over 250 trucks which provide waste collection services to more than 145,000 customers in commercial, residential and construction markets. Emerald Waste Services LLC employs more than 365 people. For more information, contact Bart Begley at (850)-835-2125.
About WHI Capital Partners
WHI Capital Partners (www.whicapital.com) is a Chicago-based private equity firm that invests in leading niche manufacturing, value-added distribution and specialty service companies with revenues between $10 - $100 million. WHICP focuses on creating a true partnership with a company's management team with the goal of enhancing operational efficiency along with developing and executing a clearly defined growth plan to build value. Backed by the financial strength and resources of its parent firm, William Harris Investors, Inc., WHI Capital Partners provides a unique solution to help a company capitalize on its opportunities over the long haul. For more information, contact Adam Schecter at adams@whicapital.com.
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