The combined company will operate under the Interstate Waste Services (“IWS”) brand.
Teaneck, NJ – January 24, 2020 – Summer Street Capital Partners, LLC and Interstate Waste Services, Inc. are pleased to announce the strategic business merger of The Action Environmental Group and Apex Environmental. The combined company will operate under the Interstate Waste Services (“IWS”) brand. IWS and Action Environmental are portfolio companies of private equity firm, Summer Street Capital.
IWS is the largest privately-held, vertically-integrated provider of solid waste collection, transfer, recycling and disposal services serving the greater New York City and Northern New Jersey markets. IWS operates nearly 400 collection vehicles throughout the five boroughs of New York City, Northern and Central New Jersey, and Orange and Rockland County, New York; a network of 22 transfer and transload facilities; and a rail-served solid waste landfill in Amsterdam, Ohio.
“This transaction creates a tremendous platform for continued growth and will enable us to offer greater scale and services for our customers,” said Michael DiBella, Founder and Chief Executive Officer of IWS.
The equity financing was facilitated by Littlejohn & Co. and O-Corp Investments, LLC. GSO Capital Partners, the credit investment arm of Blackstone, led the debt financing. Longtime IWS lending partners, Comerica Bank and Brightwood Capital, also participated in the debt financing. Summer Street Capital Partners, LLC, an original investor in IWS will retain a significant equity interest in the business.
DiBella continued, “IWS’ expansion and development over the past 20 years have been driven by our hard-working employees and the support of our key financial partners and business stakeholders. We welcome Apex management into the IWS family.”
Summer Street first partnered with IWS in 2004, and then with Action Environmental in 2010. “We are proud to have been a part of the tremendous growth and success of IWS over the past 10 years,” commented Summer Street Managing Partner, Brian D’Amico. “We look forward to our continued partnership with the IWS team.”
About Interstate Waste Services
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 nearly 400 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 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. For more information, please visit www.interstatewaste.com.
About Summer Street Capital
Summer Street Capital Partners, LLC, founded in 1999, is a Buffalo, NY-based private equity fund manager with committed capital focused on investing in small and middle market companies across the United States and Canada. The firm invests alongside talented managers, bringing capital and resources to support ambitious growth strategies. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. Visit www.summerstreetcapital.com for additional information.