M&A Deal Summary

Delos Capital and The Silverfern Group Acquire Pioneer Recycling Services

On December 28, 2021, private equity firm Delos Capital and asset manager The Silverfern Group acquired environmental company Pioneer Recycling Services from CVF Capital Partners and Socius Capital

Acquisition Highlights
  • This is Delos Capital’s 1st and The Silverfern Group’s 2nd transaction in the Environmental sector.
  • This is Delos Capital’s 10th and The Silverfern Group’s 14th transaction in the United States.
  • This is Delos Capital’s 1st and The Silverfern Group’s 2nd transaction in Washington.
Investment Fate
  • Pioneer Recycling Services was sold to a publicly-traded strategic buyer in 2024.

M&A Deal Summary

Date 2021-12-28
Target Pioneer Recycling Services
Sector Environmental
Buyer(s) Delos Capital
The Silverfern Group
Sellers(s) CVF Capital Partners
Socius Capital
Deal Type Secondary Buyout

Target

Pioneer Recycling Services

Tacoma, Washington, United States
Pioneer Recycling Services is an operator of non-hazardous recycling and solid waste company in the Pacific Northwest. Pioneer Recycling’s collections centers focus on providing reliable environmental services and solutions for commercial, industrial, municipal, and residential customers. Pioneer Recycling Services was founded in 2014 and is based in Tacoma, Washington.

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Buyer(S) 2

DESCRIPTION

Delos Capital LLC is a private equity firm that partners with strong management teams and strategic owners to invest in lower middle market companies. Delos Capital LLC was founded in 2013 and is based in New York, New York.


DEAL STATS #
Overall 11 of 12
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Washington M&A 1 of 1
Country: United States M&A 10 of 11
Year: 2021 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-25 ACTGeo

Irvine, California, United States

ACTGeo designs, fabricates, and installs methane gas and vapor intrusion mitigation systems and other geotechnical and environmental engineering services. ACTGeo is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-21 FCA Packaging

Moline, Illinois, United States

FCA Packaging is a provider of custom industrial packaging that includes wood, steel, corrugated and hybrid products, as well as expendable, reusable, and returnable solutions. FCA Packaging was founded in 1985 and is based in Moline, Illinois.

Sell -
DESCRIPTION

The Silverfern Group is an asset management firm focused on investing in private equity, real estate, and private debt transactions on behalf of institutional investors and single family offices. The Firm will consider opportunities across North/South America, Europe, and Asia. Within its private equity practice, Silverfern makes direct, co-control middle-market private equity investments requiring $20 to $50 million of equity per transaction. Sectors of interest include energy, financial services, food, hospitality, IT, power equipment rental, renewable energy, telecom, transportation, and waste management. The Silverfern Group was established in 2001 and is headquartered in Greenwich, Connecticut.


DEAL STATS #
Overall 20 of 22
Sector: Environmental M&A 2 of 2
Type: Secondary Buyout M&A Deals 6 of 6
State: Washington M&A 2 of 2
Country: United States M&A 14 of 16
Year: 2021 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-20 Paladone

Shoreham-by-Sea, United Kingdom

Paladone is a seller of a broad assortment of licensed consumer products. Paladone’s products are sold all across the globe in all tiers of retailers including specialty retail, online, department, fashion and mass-market stores. Paladone was founded in 1994 and is based in Shoreham-by-Sea, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 CPAP.com

Stafford, Texas, United States

CPAP.com is an online retailer specializing in sleep apnea equipment, offering a wide range of CPAP machines, masks, and accessories to help improve sleep quality and breathing health. CPAP.com was founded in 1999 and is based in Stafford, Texas.

Buy -

Seller(S) 2

SELLER

CVF Capital Partners

Davis, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2005
PE ASSETS 385M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CVF Capital Partners is a private investment firm created to provide growth capital for small to mid-sized businesses located in the California Central Valley. CVF looks to commit $5 to $15 million of capital in the form of mezzanine debt to companies with revenues of 5 million, and at least $1 million of cash-flow. CVF funds are generally used to support business expansions, acquisitions, or to refinance. CVF was formed by the principals of Gael Partners. CVF Capital Partners was founded in 2005 and is based in Davis, California.


DEAL STATS #
Overall 14 of 18
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 6
State: Washington M&A 1 of 1
Country: United States M&A 14 of 18
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-25 Vege Labs

Glendale, California, United States

Vege Labs is a private label contract manufacturing partner and formulator of high-quality cosmetic, cosmeceutical, health & beauty, and household products. The Company provides a wide range of products such as shampoos, conditioners, hairsprays, serums, permanent waves and relaxers, skincare creams and lotions, alcohol-based products such as hand sanitizers, colognes, and fragrances, OTC products, plus spa and esthetics products. Vege Labs was founded in 1950 and is based in Glendale, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-04 LightRiver

Concord, California, United States

LightRiver is a provider of optical, data, and switching products and services for cloud data centers, government, enterprise, and utility sectors. LightRiver was founded in 1998 and is based in Concord, California.

Sell -
DESCRIPTION

Socius Capital is lower middle-market private equity investor that targets stable, profitable businesses in the manufacturing, distribution, and services sectors. The Firm prefers opportunities in the Southern US with recurring business models, defensible barriers to entry, and non-cyclical revenue. Transaction situations include management buyouts, recapitalizations, shareholder liquidity needs, and growth capital financings. Socius Capital is based in Ketchum, Idaho.


DEAL STATS #
Overall 2 of 3
Sector: Environmental M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Washington M&A 1 of 1
Country: United States M&A 2 of 3
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 Western Machine Works

Portland, Oregon, United States

Western Machine Works is a specialized industrial maintenance and repair business mainly serving large pulp and paper mills. Western Machine Works is a leader in the Pacific Northwest market for mechanical repair and refurbishment of rolls used in the paper manufacturing process. Western Machine Works was founded in 1985 and is based in Portland, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-28 Western Machine Works

Portland, Oregon, United States

Western Machine Works is a specialized industrial maintenance and repair business mainly serving large pulp and paper mills. Western Machine Works is a leader in the Pacific Northwest market for mechanical repair and refurbishment of rolls used in the paper manufacturing process. Western Machine Works was founded in 1985 and is based in Portland, Oregon.

Sell -