Penfund, a Toronto-based investment firm, has made a $15 million investment in Choice Environmental Services, a Fort Lauderdale, Fla.-based waste services firm that serves residential, commercial and industrial customers in south and central Florida. The terms of Penfund’s investment were not disclosed.
"We are extremely proud of our new partnership with Choice," said Adam Breslin, a partner at Penfund, in a statement. "We have spent over 18 months studying the waste management industry and have met with dozens of companies. Choice is a perfect fit with the criteria we have developed for investing in the sector. The Company's focused strategy, attractive business mix and strong entrepreneurial management team combine to make Choice an ideal investment for Penfund."
"This investment will help us accelerate our growth plan and provide high quality, cost efficient service to even more customers in the future," added Glen Miller, CEO of Choice Environmental Services, in a press release.