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  6. Littlejohn and Ares Private Equity Group Acquire Interstate Waste Services

M&A Deal Summary

Littlejohn and Ares Private Equity Group Acquire Interstate Waste Services

On January 21, 2020, private equity firms Littlejohn and Ares Private Equity Group acquired environmental company Interstate Waste Services from Summer Street Capital Partners

Acquisition Highlights
  • This is Littlejohn’s 4th and Ares Private Equity Group’s 5th transaction in the Environmental sector.
  • This is Littlejohn’s 50th and Ares Private Equity Group’s 69th transaction in the United States.
  • This is Littlejohn’s 3rd and Ares Private Equity Group’s 4th transaction in New Jersey.

M&A Deal Summary
Date 2020-01-21
Target Interstate Waste Services
Sector Environmental
Buyer(s) Littlejohn
Ares Private Equity Group
Sellers(s) Summer Street Capital Partners
Deal Type Secondary Buyout

Target

Interstate Waste Services

Teaneck, New Jersey, United States
Interstate Waste Services is a provider of solid waste collection, transfer, recycling, and disposal services serving. Interstate Waste Services was founded in 1991 and is based in Teaneck, New Jersey.

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Buyer(S) 2

Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 54 of 64
Sector (Environmental) 4 of 4
Type (Secondary Buyout) 23 of 29
State (New Jersey) 3 of 3
Country (United States) 50 of 60
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-26 Kaman Distribution

Bloomfield, Connecticut, United States

Kaman Distribution is a distributor of more than six million items including automation, motion control, electro-mechanical, bearings, power transmission, fluid power components, as well as MRO supplies, to customers in virtually every industry. Kaman Distribution was founded in 1971 and is based in Bloomfield, Connecticut.

Buy $700M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-03 Benevis

Marietta, Georgia, United States

Benevis provides various non-clinical services to group dental practices, including providing dental facilities, support staff, and other business services. Kool Smiles and Resolution Dental are the firm’s two major clients. Kool Smiles is a nationally-branded provider of dental care focused primarily on children enrolled in Medicaid and State Children's Health Insurance Programs. The limited access to care for children on Medicaid/SCHIP plans provides an attractive growth opportunity for Kool Smiles as it continues to expand offices with a mission to provide quality care to this underserved population. Benevis was founded in 2002 and is based in Marietta, Georgia.

Sell -
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 91 of 122
Sector (Environmental) 5 of 8
Type (Secondary Buyout) 34 of 44
State (New Jersey) 4 of 5
Country (United States) 69 of 90
Year (2020) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Del Monte Philippines

Taguig City, Philippines

Del Monte Philippines is a fresh and packaged food & beverage company. Del Monte Philippines was founded in 1926 and is based in Taguig City, Philippines.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-14 Murapol

Bielsko-Biala, Poland

Murapol is a Polish property development company. The Company has a business model that is unique in the industry and a rich portfolio of projects under construction and under various stages of preparation. Murapol was founded in 2001 and is based in Bielsko-Biala, Poland.

Buy -

Seller(S) 1

SELLER

Summer Street Capital Partners

Orchard Park, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 480M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Summer Street Capital is a private equity firm that targets investments in lower middle-market companies located in the Eastern and Midwest areas of the US as well as Southeastern Canada. Summer Street seeks to invest in platform companies generating revenues of at least $10 million. Broad ares of interest include environmental, niche manufacturing, and business services, Prospective transaction situations include growth capital financings, management buyouts, corporate divestitures, generational transitions, and recapitalizations. Summer Street Capital was formed in 1999 and based in Orchard Park, New York.

DEAL STATS #
Overall 13 of 17
Sector (Environmental) 2 of 5
Type (Secondary Buyout) 3 of 5
State (New Jersey) 1 of 1
Country (United States) 12 of 16
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-03 Apple Valley Waste

Kearneysville, West Virginia, United States

Apple Valley Waste, Inc. is a solid waste company that offers collection, processing, disposal, and recycling services throughout the Mid-Atlantic region. Apple Valley services residential and commercial customers in West Virginia under certificates of necessity issued by the Public Service Commission of West Virginia and provides residential and commercial waste collection services in large metropolitan areas such as Baltimore, Washington, D.C., and Southern Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Sharps Medical Waste Services

Houston, Texas, United States

Sharps Medical Waste Services provides comprehensive medical waste solutions including collection, transfer, transportation, recycling, waste reduction, sharps management, disposal, and consulting services to hospitals, medical offices, pharmacies and other healthcare providers. Sharps Medical Waste Services was founded in 1988 and is based in Houston, Texas.

Sell -
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