Dive Brief:
- New York-based service provider Waste Harmonics has acquired the Ohio-based broker Consolidated Waste Management. Private equity investors Prospect Partners and Expedition Capital Partners, both from Chicago, helped finance the deal.
- Waste Harmonics offers a wide range of services that include pickup, hauling, recycling, equipment rental, repairs and analytical tools.
- Ten new employees from Consolidated Waste Management, including top leadership, will join 35 current employees at the company.
Dive Insight:
This move continues the trend of rapid restructuring happening throughout the waste industry. A statement from Michael Hess, Waste Harmonics' president and CEO, said it's only the beginning of a "fast-paced chapter of growth" made possible by private equity partners.
"Their support will help us achieve many goals on the aggressive timetable we have established — including acquiring other waste brokers and waste services providers, expanding our national footprint, offering more services, and continuing to grow our management team and employee base," said Hess.
The company's $33.6 million in revenues for 2015 are small compared with some of the industry's top players, but Waste Harmonics has been on the rise. In 2014, the company signed a two-year contract with Covanta for managing the transportation and delivery of refuse, recyclables and organics to select locations. Last year Waste Harmonics ranked seventh on the "Top 100" list of fastest growing companies in the greater Rochester area.
