Venture • Environmental

ABS Capital Partners, Five Points Capital and Incline Equity Partners Invest In Advanced Disposal Services

On October 25, 2002, private equity firms ABS Capital Partners, Five Points Capital and Incline Equity Partners invested in environmental company Advanced Disposal Services

Investment Context
  • This is ABS Capital Partners’ 1st, Five Points Capital’s 1st and Incline Equity Partners’ 1st transaction in the Environmental sector.
  • This is ABS Capital Partners’ 13th, Five Points Capital’s 5th and Incline Equity Partners’ 4th transaction in the United States.
  • This is ABS Capital Partners’ 4th, Five Points Capital’s 1st and Incline Equity Partners’ 1st transaction in Florida.
Investment Fate
  • Advanced Disposal Services was sold to a consortium of financial buyers in 2006 for 470M USD.
  • Advanced Disposal Services went public in 2016.
  • Advanced Disposal Services was sold to a strategic buyer in 2019 for 4.9B USD.

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Investment Summary

Date October 25, 2002
Target Advanced Disposal Services
Sector Environmental
Investor(s) ABS Capital Partners
Five Points Capital
Incline Equity Partners
Deal Type Venture

Target Company

Advanced Disposal Services

Jacksonville, Florida, United States
Advanced Disposal Services, Inc. is an integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services operating primarily in secondary markets or under exclusive arrangements. Advanced Disposal has a presence in 18 states across the Midwest, South and East regions of the US. Advanced Disposal Services, Inc. was founded in 2000 and is headquartered in Ponte Vedra, Florida.
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Investors Overview 3

Investor

ABS Capital Partners

Hunt Valley, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ABS Capital Partners is a private equity firm that invests in later-stage growth companies in the healthcare, technology, business services, media and communications sectors. ABS provides capital to help fund growth, provide shareholder liquidity, pursue acquisitions, or to effect a management buyout. The Firm prefers US based business and will consider both majority and minority positions. ABS looks to commit $10 to $25 million per transaction. ABS Capital was formed in 1990 and has offices in Baltimore, Maryland; Waltham, Massachusetts; and San Francisco, California.


Deal Context for Investor #
Overall 13 of 65
Sector: Environmental 1 of 1
Type: Venture 6 of 20
State: Florida 4 of 8
Country: United States 13 of 63
Year: 2002 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-15 Cord Blood Registry

San Bruno, California, United States

CBR Systems is a late-stage medical devices company with the leading market position in providing the collection, processing and cryogenically-frozen storage of stem cells.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-23 Voyant Technologies

Westminster, Colorado, United States

Voyant Technologies, Inc., is a provider for voice conferencing and collaboration solutions. Formerly a division within Frontier Communications, Voyant has been designing, developing and delivering conferencing systems for more than 25 years. Voyant provides reliable, scalable, operationally efficient systems and services that allow people to communicate anytime and anywhere. Voyants product portfolio provides a breadth of solutions that permit integrated voice for such applications as voice and data conferencing, IP telephony and wireless group communications.

Sell $131M
Investor

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


Deal Context for Investor #
Overall 5 of 89
Sector: Environmental 1 of 2
Type: Venture 1 of 1
State: Florida 1 of 6
Country: United States 5 of 89
Year: 2002 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-01-17 Precision Hydraulic Cylinders

Beulaville, North Carolina, United States

Precision Hydraulic Cylinders is a manufacturer and supplier of hydraulic cylinders for original equipment manufacturers in the lift-truck, material handling, and mobile equipment markets. Precision Hydraulic Cylinders was founded in 1997 and is based in Beulaville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Flint Trading

Thomasville, North Carolina, United States

Flint Trading, Inc. (“Flint” or the “Company”) is the manufacturer of preformed thermoplastic road and safety markings in the world. Based in Thomasville, North Carolina and established in 1987, Flint provides its government and commercial customers high-performance, retroreflective preformed thermoplastic pavement markings and related services.

Buy -
Investor

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


Deal Context for Investor #
Overall 4 of 74
Sector: Environmental 1 of 5
Type: Venture 1 of 1
State: Florida 1 of 4
Country: United States 4 of 72
Year: 2002 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-08-01 The Receivable Management Services

Bethlehem, Pennsylvania, United States

The Receivable Management Services Corp. (RMS) is a provider of commercial collection services in North America and among the ten largest collection agencies in the world. RMS also provides several types of commercial receivable management services, including total outsourcing solutions, third party collections, customer verification and profiling, to thousands of corporate clients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-01 Griffith Energy

Albion, New York, United States

Griffith Energy a combined marketers of propane, heating oil, and power fuels in western and central New York. Based in Rochester, NY, Griffith distributes energy to more than 90,000 residential customers and more than 8,000 wholesale, commercial, and gasoline customers. Griffith also distributes gasoline, diesel fuel and kerosene to commercial customers such as farmers, trucking and construction companies, and to branded gasoline dealers such as Mobil, Sunoco, and Citgo. In November 2003, PNC Equity Partners worked exclusively with the management team of Griffith to buy the company from Energy East Corporation. PNC Equity Partners conducted the due diligence process, structured the financing, and negotiated the acquisition, investing $17.4 million in the form of preferred and common stock. In addition, PNC Equity Partners partnered with the former owner of Griffith who, along with management, made a significant capital contribution. PNC Equity Partners arranged the senior and subordinated financing with Merrill Lynch leading the senior debt syndicate and Allied Capital providing subordinated debt to complete the transaction. Since PNC Equity Partners' initial investment, the company has completed four acquisitions and refinanced its senior and subordinated debt.

Buy -