J.F. Lehman & Company (JFLCO), a middle-market private equity firm focused on the aerospace, defense, maritime, government and environmental sectors, announced that an investment affiliate has acquired Lone Star Disposal, Delta Waste Services and Tanner Road Facility. The acquisition represents JFLCO's 32nd sponsored platform investment since the firm's inception.
Lone Star is a vertically integrated provider of construction and demolition (C&D) and municipal solid waste (MSW) disposal and related environmental services in Houston. The company's service platform utilizes an asset base consisting of a C&D landfill, a MSW transfer station, a C&D recycling facility and a C&D collection fleet. The company's highly diversified customer base includes regional and nationwide C&D and MSW haulers and C&D contractors serving the greater Houston metropolitan area.
"Lone Star represents an excellent addition to our portfolio of companies in the environmental services sector," said Glenn Shor, a partner with JFLCO, in a statement. "Lone Star's industry-leading reputation, vertically integrated service offering and strategically located asset base reflect core characteristics we seek in our investment portfolio. We are eager to continue Lone Star's history of excellence and look forward to supporting the continued growth of the business through organic development and complimentary bolt-on acquisitions."
Debt financing for the transaction was provided by Monroe Capital, LLC. Jones Day provided legal counsel to J.F. Lehman & Company. Stifel served as financial advisor to Lone Star, and Hunton Andrews Kurth LLP provided legal counsel.