Dive Brief:
- Ares Management and Harvest Partners announced that they have joined funds to acquire Tampa, FL-based Valet Waste from New Mountain Capital for undisclosed terms.
- Valet Waste provides doorstep waste and recycling collection for 400 management companies that service 665,000 multifamily housing units in 34 states. Its Maintenance Plus offering, launched in 2014, performs maintenance, apartment cleaning, apartment turns and porter services.
- Valet Waste is poised to grow. "We are excited to partner with the Valet Waste management team and look forward to supporting the company in its next phase of growth,” said Matt Cwiertnia, a partner in the private equity group of Ares Management.
Dive Insight:
Mergers and acquisitions drive the waste and recycling industry forward, and acquisitions among smaller waste collection companies have been a recent trend allowing them to make a bigger impact.
Big companies, such as Waste Management, continue on a growth path, and new collection companies have proved that they're a force to be reckoned with. Companies such as Corpus Christi, TX-based K2 are paving the way for small or family-run operations to have a large growth potential in the marketplace.
As for the Valet Waste deal, Michael DeFlorio, senior managing director of Harvest Partners, emphasized the point: “We are excited to invest alongside this first-class team to build upon Valet Waste’s leadership position in the market and expand services more broadly across the multifamily housing industry."
