M&A Deal Summary

Republic Services Acquires ReCommunity Holdings

On August 24, 2017, Republic Services acquired environmental company ReCommunity Holdings from Pegasus Capital Advisors, HarbourVest Partners, Harvey & Company, Ares Private Equity Group and Intersection

Acquisition Highlights
  • This is Republic Services’ 10th transaction in the Environmental sector.
  • This is Republic Services’ 9th transaction in the United States.
  • This is Republic Services’ 1st transaction in North Carolina.

M&A Deal Summary

Date 2017-08-24
Target ReCommunity Holdings
Sector Environmental
Buyer(s) Republic Services
Sellers(s) Pegasus Capital Advisors
HarbourVest Partners
Harvey & Company
Ares Private Equity Group
Intersection
Deal Type Add-on Acquisition
Advisor(s) Daiwa Corporate Advisory Ltd. (DC Advisory) (Financial)

Target

ReCommunity Holdings

Charlotte, North Carolina, United States
ReCommunity is a recycling, recovery and repowering company that is focused on dramatically reducing the volume of land-filled waste through conversion into useful products such as recycled commodities, low-carbon energy, ReEngineered Feedstock, biofuels, and other value-added recycled products. ReCommunity Holdings was founded in 2011 and is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

Republic Services

Phoenix, Arizona, United States

Category Company
Founded 1996
Sector Environmental
Employees41,000
Revenue 15.0B USD (2023)
DESCRIPTION
Entrance to Republic Services' corporate headquarters in Phoenix, Arizona.
Entrance to Republic Services' corporate headquarters in Phoenix, Arizona.

Republic Services is a provider of non-hazardous solid waste collection services for commercial, industrial, municipal and residential customers across the US and Puerto Rico. Republic Services owns or operates transfer stations, active solid waste landfills and recycling centers. The Company also operates landfill gas and renewable energy projects. Republic Services was formed in 1996 and is based in Phoenix, Arizona.


DEAL STATS #
Overall 10 of 14
Sector (Environmental) 10 of 13
Type (Add-on Acquisition) 8 of 11
State (North Carolina) 1 of 1
Country (United States) 9 of 13
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-02 City Carton

Iowa City, Iowa, United States

City Carton Co., Inc. is a provides recycling services including computer destruction, carton recycling and sustainability audits for Iowa and the Midwest.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Sprint Industrial

Houston, Texas, United States

Sprint Industrial is a provider of specialized industrial rental equipment and services to blue-chip customers in the petrochemical, chemical, and downstream energy industries. Sprint’s product lines include temporary liquid and solid storage tanks for maintenance projects, as well as safety products such as gas detection and breathing air systems to protect workers and employees during maintenance jobs.

Buy -

Seller(S) 5

SELLER

Pegasus Capital Advisors


Category Private Equity Firm
Founded 1996
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pegasus Capital Advisors is a private equity firm focused on providing equity and junior capital to middle-market companies across a wide variety of industries. Pegasus looks to commit between $50 and $150 million per transaction. Sectors of interest include building materials, consumer products/services, energy, financial services/insurance, IT, marketing/communications, metals/minerals, and safety/security. Pegasus was formed in 1995 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 10 of 16
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 4 of 8
State (North Carolina) 1 of 2
Country (United States) 7 of 11
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Global Value Lighting

West Warwick, Rhode Island, United States

Global Value Lighting provides factory-direct, turnkey private-label LED lighting to large retailers. Global Value Lighting was established in 2017 and is based in West Warwick, Rhode Island.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-14 Pure Biofuels del Perú SAC

San Isidro, Peru

Pure Biofuels del Perú SAC is specializes in liquid fuels storage, distribution and marketing, and biodiesel production in Peru. Core assets include a 15-tank barrel liquid storage terminal with over 700,000 barrels of storage capacity, a private port facility, and two biodiesel production facilities.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 87 of 133
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 35 of 57
State (North Carolina) 3 of 4
Country (United States) 54 of 84
Year (2017) 7 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 Peloton

Calgary, Alberta, Canada

Peloton is a provider of well data software solutions to the oil and gas industry. Peloton’s software helps oil and gas companies focus their operations and improve their strategic decision-making through better data management during the entire lifecycle of a well, including drilling, well operations, and production. Peloton was founded in 1991 and is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-29 CPA Global

Jersey, Channel Islands

CPA Global is an intellectual property (IP) management and technology company serving over 10,000 customers and connecting millions of global IP users every day. CPA Global was founded in 1969 and is based in Jersey, Channel Islands.

Buy -
DESCRIPTION

Harvey & Company is a principal investment and advisory group. The Firm works with companies and private equity firms on acquisition searches as well as makes investments of its own. Harvey & Company was established in 1998 and is headquartered in Newport Beach, California.


DEAL STATS #
Overall 28 of 35
Sector (Environmental) 1 of 3
Type (Add-on Acquisition) 13 of 18
State (North Carolina) 4 of 4
Country (United States) 27 of 34
Year (2017) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-07 GPS TrackIt

Roswell, Georgia, United States

GPS TrackIt is a provider of SaaS-based asset-tracking and fleet management solutions across North America. GPSTrackIt’s solutions deliver cost reductions, increased fleet efficiency, and equipment & asset protection. GPS TrackIt was founded in 1999 and is based in Roswell, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-12 CORWIL Technology

Milpitas, California, United States

CORWIL Technology Corp. is a provider of high quality integrated circuit assembly and test services to the medical, military and aerospace, OEM electronics and semiconductor industries. CORWIL is the premier provider of wafer thinning and dicing, optical inspection, full assembly and testing of integrated circuits and complex modules. CORWIL Technology Corp. was formed in 1990 and is based in Milpitas, California.

Sell -
SELLER

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B 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 27 of 43
Sector (Environmental) 1 of 3
Type (Add-on Acquisition) 6 of 11
State (North Carolina) 2 of 2
Country (United States) 24 of 39
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-16 Duly Health and Care

Downers Grove, Illinois, United States

DuPage Medical Group is an independent, multi-specialty physician group with more than 600 physicians in over 80 suburban Chicago locations. DMG is a patient-centered organization focused on improving access to convenient, quality health care using the latest technology and treatment options. DuPage Medical Group was founded in 1999 and is based in Downers Grove, Illinois.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 SVP Worldwide

LaVergne, Tennessee, United States

SVP Worldwide is a consumer sewing machine company with market shares across all industry price points. SVP unites three of the industry's most widely recognized brands, Singer, Husqvarna Viking, and Pfaff, that successfully target distinct market segments. SVP and it's legacy companies, Singer Worldwide was formed in 1851 and is based in LaVergne, Tennessee.

Buy -
SELLER

Intersection

Westport, Connecticut, United States

Category Company
Sector Environmental
DESCRIPTION

Intersection, LLC is a business-building sponsor and partner of companies that operate in the renewable resources and healthcare verticals. Intersection’s model is to identify and implement seminal events that drive step-function value creation that enhances valuation metrics/multiple. Intersection was one of the founders of ReCommunity, the nation’s largest pure play municipal solid waste recycling company.


DEAL STATS #
Overall 1 of 1
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-16 Creative Recycling Systems

Tampa, Florida, United States

Creative Recycling Systems (CRS) is an industry-leading, full service IT asset management and electronics recycling company, providing e-waste recycling solutions for organizations of all sizes.

Buy -