Platform Waste Solutions recently closed its acquisition of Texas-based Red River Waste Solutions, according to a filing on Friday, following an extended bankruptcy process.
Previous filings outlined plans for a division of Colorado-based private equity firm Platform Capital to purchase the company for $12.6 million after no other viable bidders emerged to acquire all of Red River’s assets. Platform’s prior waste acquisitions include two Illinois haulers as well as a lead acid battery recycler with business in Canada and the Pacific Northwest.
Red River, a multigenerational company started by Weldon Smith in the 1950s, grew through multiple municipal contract awards and acquisitions in prior years. According to a court filing, it held collection contracts for municipalities in Alabama, Kentucky, Tennessee and Texas, as well as multiple federal contracts.
A collection contract with the Metropolitan Government of Nashville and Davidson County was among its most notable. Nashville recently awarded Platform Waste a $6 million contract to continue servicing certain areas, though local officials there also arranged contracts with WM and Waste Pro following service issues with Red River. Fort Wayne, Indiana, dropped Red River earlier this summer in favor of GFL Environmental after experiencing similar issues.
A Red River budget recently filed as part of the bankruptcy process shows that the company was still deriving a majority of its revenue from municipal contracts this year, followed by subscription service and other categories.