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Interstate Waste Services, Inc. (IWS) has announced a significant step in its expansion strategy. The company has entered into a definitive agreement to acquire Oak Ridge Waste & Recycling, a respected player in Connecticut's waste management sector.
February 13, 2024
Interstate Waste Services, Inc. (IWS) has announced a significant step in its expansion strategy. The company has entered into a definitive agreement to acquire Oak Ridge Waste & Recycling, a respected player in Connecticut's waste management sector. This move further solidifies IWS's position in the tristate area, particularly in Southwestern Connecticut and Suburban New York.
The acquisition, scheduled to close by the end of the first quarter of 2024, emphasizes IWS's commitment to growth and enhancing its service offerings.
"Oak Ridge has an established presence in an attractive adjacent market delivering collection and processing services through a dedicated workforce and an entrenched culture that fits exceptionally well with IWS," said Michael DiBella Chief Executive Officer of Interstate Waste Services.
"Since our teams have experience working side-by-side, we expect a seamless transition and the immediate benefit of not only the IWS vertically integrated rail assets, but also resources for further investment in people, assets and systems, along with the collaboration of experienced leadership in both organizations."
Oak Ridge Waste & Recycling serves a diverse clientele, including commercial, residential, municipal, and industrial customers. Through its network of collection and post-collection facilities, which includes a waste-by-rail transfer and recycling facility in Danbury, a cutting-edge materials recovery facility in Shelton, CT, and a transfer station in Norwalk, CT, Oak Ridge has built a reputation for service excellence. This aligns well with IWS's ethos, which features a local, high-touch, family business culture.
"We are excited to combine businesses and secure the resources for further growth in our markets while leveraging IWS's waste-by-rail network," Oak Ridge's Managing Partner and CEO John Decker said.
"Mike [DiBella] and I have a long professional relationship and our teams have worked together making this a natural fit."
The acquisition of Oak Ridge represents a significant milestone for IWS, marking its first geographic expansion since announcing an equity recapitalization in late 2023. This recapitalization, led by the Private Equity Group of Ares Management Corporation and Littlejohn & Co., provided IWS with the financial flexibility and resources needed to pursue strategic initiatives. With the support of a broadly syndicated term loan financing, IWS is well-positioned to execute its growth plans and capitalize on emerging opportunities.
The expansion comes at a strategic time for IWS, following its subsidiary, Action Environmental, being selected as an authorized waste and recycling hauler under New York City's Commercial Waste Hauling Program, Local Law 199. This achievement, which saw Action Environmental awarded 14 out of 20 zones and a city-wide containerized award, sets the stage for significant growth in the lucrative New York City market.
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