August 30, 2013
Waste Services Industries LLC (WSI), a new company started up by longtime industry executive David Sutherland-Yoest, has bought two groups of solid waste companies in New Jersey and Virginia.
The company, which will be headquarted in Petersburg, Va., acquired three regional solid waste recycling and collection businesses in New Jersey: Elizabeth-based Regional Industries LLC.; Waste Industries, also of Elizabeth; and Meadowbrook Industries.
In Virginia it purchased two municipal solid waste landfills and a regional collection business from Petersburg-based CFS Group LLC., which does business as Container First Services. Those include the Tri-City Regional Landfill & Recyling Center and Disposal & Recycling Services of Lunenburg.
WSI also agreed to purchase a New Jersey material recovery facility (MRF)/transfer station. No purchase price on the deals was disclosed.
Memphis-based Wunderlich Securities Inc. was financial advisor to WSI throughout the deal.
Sutherland-Yoest, WSI’s chairman and CEO, is a waste industry veteran of more than 30 years who most recently was CEO of Waste Services Inc., which was merged into Vaughan, Ontario-based Progressive Waste Solutions Ltd.
WSI’s current revenue run rate is more than $60 million, according to an interview with Wunderlich.
“Despite the distance between the operations, there are immediate administrative savings that will be realized with the two merged entities, such as insurance, purchasing, banking, etc.,” said Sutherland-Yoest in the interview.
He said Regional Industries operates throughout New Jersey, and he expects it will continue to grow as it has. The CFS Group operations also should grow in the Mid-Atlantic region. He expects to close a tuck-in operation in this quarter that should fit with those operations.