For more than twenty-eight years we have served the waste management industry with cutting edge proprietary research and insightful analysis. We have also data banked a great deal of data from a variety of industry and government sources in order to create a historically accurate and comprehensive economic profile of the industry. We apply that data to a wide variety of research projects as well as published research.
Assisted and provided research to a leading wall street firm in its acquisition of a major waste management company and its merger of another waste management company. We provided them with an in-depth analysis of the waste industry to which the wall street firm was a relatively new participant. (Ref. 0002O4).
We have helped a number of regional waste firms to assess their own as well as adjacent markets for expansion both organically and through acquisition.
A large international utility conglomerate wanted to investigate the US and Canadian waste management industry. We helped them to better understand the domestic markets from the ground up. Using data gathered from a variety of sources including proprietary research, we examined each element of the waste stream. That allowed us to show how much of each waste component was generated, recycled, and disposed and consequently what percentages of each were going to various types of waste handling facilities. (Ref. 0004DX).
In conjunction with a global engineering firm, we worked to provide a detailed analysis of the waste flows emanating out of New York City particularly in the wake of the closure of the massive Fresh Kills Landfill there. The Department of Sanitation wanted not only to better understand where most of the city waste was being exported but also to advise the Mayor on a comprehensive longer range plan for disposition of the more than fifteen thousand tons of waste generated daily. We provided them with an analysis of existing disposal operations, their operating capacity, lifetime capacity, access to rail or waterway, operational characteristics, ownership and individual market characteristics including the political climate surrounding those operations. (Ref. 00043Y).
We have helped a number of municipalities consider a) whether to privatize a all or a portion of their waste management operations, b) whether and how to contract out those services, c) whether to expand their landfill, or contract its operation to a private entity, d) whether to build and operate their own transfer station, among many other options.
We have helped a major west coast city examine the feasibility and options for rail haul disposal of its solid waste. We began by compiling a detailed database of all large landfills operating within one thousand miles. Added to this was data on ownership and operation, distance, type and carrier of rail service and whether systems were yet in place, other access constraints, tonnage of waste received, capacity for acceptance, disposal pricing and whether and with which public jurisdictions the landfill had any long term contracts. (Ref. 0004D1).
We were hired to assist a major waste management company examine whether and to what extent that it could participate in the construction and demolition (C&D) debris recycling business. We provided them with an analysis of the existing C&D market including a database of the more than 5,500 facilities around the US that accept C&D wastes, their pricing, acceptance rates, capacity, ownership and other particulars that helped to describe their capabilities and particular niche. Equipped with this data, we were able to give them an idea of the avoided cost of disposal or rather the incentive pricing to recycle C&D and to show them which markets would initially be more desirable. (Ref. 0003SD).
We worked together with a national economic research firm to create a recovered materials industry service. The report quantified the supply and demand for recycled products by commodity and included a discussion of economic drivers resulting in past pricing. The model developed helped us to forecast future demand and pricing in order to allow our major corporate clients plan their production. (Ref. 0003CO).
A global investment banking firm wanted to better understand the waste-to-energy business in the US. We examined each market in which one or more of the country's 125 waste-to-energy plants have operations. By employing GIS analysis, we could map and quantify proximity both to population sources of demand as well as to competitors and alternate disposal options. Overlaying expectations about the macro market, we could then give them a substantiated expectation for the waste-to-energy sector in particular. (Ref. 0004QF).
We were hired to make a market assessment for a large northeastern municipality looking for an industry benchmark in order to better judge contract proposals from different waste management firms seeking their business. We gave the municipality a listing of all waste disposal operations within 150 miles that included data on ownership and operation, daily acceptance volumes, types of waste accepted and the various prices charged for each, operating capacity and in the case of landfills, remaining disposal capacity, access to roads, railway or waterways, and market served. Five years of historical data allowed us to examine local market trends and to make estimates regarding future demand, capacity and pricing in the area. As is customary, we created maps to illustrate and examine the universe of disposal options for them. (Ref. 0002T8).
A major waste management firm that had grown rapidly through acquisitions, wanted to inventory its own solid waste operations located throughout the United States. Rather than do this internally, it turned to us. We provided them with site-specific information, data on wastes accepted, volumes disposed, and tipping fees. A subsequent study provided this firm with profiles of their key competitors including waste disposal inventory, weak markets, and strategic opportunities. (Ref. 0002FZ).
We were retained by a well known investment syndicate to provide give an opinion of the prospects for a major solid waste firm in whom they planned to purchase a majority stake. We provided an analysis of prevailing industry conditions, the company's specific situation and performed a detailed analysis of each of the company's major markets. That analysis examined existing contracts, competitors' market share, local market drivers, and historical and projected future trends. (Ref. 0003PD).
We were hired by a leading global equity firm in its facilitation of a major waste industry merger to assess the market and prospects for the resulting combined entity. We provided detailed industry research, company specific research and presented that research to the firm's directors. (Ref. 0002O4).
A global equity firm wanted to make a valuation of a major waste-to-energy company turned to us for help. We studied the 25 markets where the company had its operations in order to construct a valuation model to better understand how the company in particular would fare given the macro changes in the industry. Within each market we could examine the competitive landscape, growth potential, market share, etc. that helped to build a complete understanding of the company as a whole. (Ref. 0004N5).
When a major waste management firm announced that it planned to raise pricing across the board beginning with 28 of its markets, we were retained by a major wall street firm to examine those markets in order to build a model that would predict the overall impact on the marketplace. Of interest was where and whether such a move would expose the company to loss of market share. (Ref. 0004RZ).
We have built upon our database by performing numerous surveys of the industry. In particular, clients have recruited us to survey the industry for the types of equipment utilized at various waste disposal operations around the country. Our database includes actively updated information on all sorts of pollution control equipment including leachate control systems, methane gas recovery, monitoring systems, landfill cover materials, compaction and shredding equipment, and many others in place at various facilities around the country.
We were engaged by a major maker of landfill alternative cover material to assess the market for landfill cover material in six states and nationally. We conducted detailed surveys of landfill operators that included candid conversations regarding their perceptions, concerns and reasoning behind their existing systems. We surveyed both sanitary "subtitle D" landfills as well as C&D facilities for the study. (Ref. 0002VE).
We were hired by one of the country's largest producers of flooring and carpeting to assess the potential demand as well as the need for recycling carpeting. They wanted to know if there were special conditions such as regulatory or facility specific bans or other obstacles to carpet disposal. Our report detailed these market parameters across the country as well as documented the opinions of many of the facility operators. For example, surveys of facility operators revealed that they had tremendous difficulty in handling waste carpet material especially since the fibers often got entangled on the wheels of the landfill compactors; it absorbs liquid waste products such as motor oil and solvents. An analysis of the responses revealed a larger market than had previously been envisioned. (Ref. 00033N).
A major energy company wanted to explore landfill gas opportunities in the US. We helped them to identify more than two thousand landfill candidates. Included in the study were facility specific details such as location, status, service area, intake, capacity, startup & closure dates, owners and operators, designed landfill area, and depth; waste in place; annual MSW acceptance by year; electricity capacity; volume of gas collected; potential energy users; percentages of methane, CO2 and other gases; LFG collection system in place, system developers; the type of LFGTE system; natural gas utility provider; electric utility provider; electric utility information; current utilization status and the year it started. (Ref. 0003OI).
A client with a novel method of composting various waste types wanted to identify 15-20 markets that would be most receptive to their new technology. We helped them first to establish the criteria for judging a market and second, to screen each major market in the country for meeting these criteria. In particular, we helped them to find markets (SMSAs and cities) where population density was high and consequently disposal fees were also high, where disposal capacity was restricted, and preferably located within states with more aggressive recycling goals that were assiduously pursued. (Ref. 0003ZP).
We have been retained by attorneys in a number of cases involving eminent domain. Quite often we are called upon to render an opinion based on extensive experience with the industry. In some cases, we have provided market analyses of historic and projected future market conditions in order to determine fair market value.
We were hired by a major landfill owner and their legal council in a condemnation case whereby a state agency seized land that represented permitted landfill capacity. Because this capacity is proximal to the New York City market, it was believed to have been vastly undervalued by the state agency. We developed an analysis of the existing marketplace and developed an economic model in order to project future demand for landfill disposal in the Northeast US. Using discount cash-flow analysis, we were able to offer the court an argument in favor of a much higher price for the property. (Ref. 00041A).
In conjunction with a landfill engineering firm, we represented a client whose land was condemned by a state agency seeking to expand in adjoining ash monofill. By conducting an analysis of prevailing market conditions, examining major industry and local market drivers, and projecting future conditions, we helped to argue in favor of a higher price for the property in question. (Ref. 0003DL).
We were hired by a state agency and their legal council in defense of the state's valuation of a condemnation. Although the state agreed that its withdrawal of a previously awarded landfill permit was tantamount to a taking, the agency denied the monetary impact that was argued for by the plaintiff developer. We developed an analysis of existing and future projected market conditions in order to predict how much revenue might be earned had a landfill been developed. We also examined all waste disposal operations with or considering rail access in order to substantiate our case regarding the potential marketplace. (Ref. 00037S).
In association with a national economic firm, we were engaged in support of a litigation challenging the validity of a major city's flow control ordinances that directed all waste collected in the county to the county's own waste-to-energy facility. We built a database of markets where at least some form of flow control was then in place and compared the data from those markets with others nationally. By applying regression analysis to historical trends in supply and demand we were able to develop a relationship to pricing which could then be applied to flow control markets to show that they had statistically higher pricing. This study was eventually presented to the US Congress and served as the basis of the legal action against the municipality. (Ref. 0002JZ).
In support of a major waste management company's campaign against flow controlled markets, we were hired to present data to show the economic impact on pricing. We combined operating data (including ownership information) on over 4,400 waste disposal facilities in 18 major metropolitan statistical areas (MSAs) with historical time-series data on pricing, volume and supply to build a case that flow control ordinances invariably lead to artificially inflated pricing. (Ref. 0002F6).
We have completed numerous projects in order to assist the federal Environmental Protection Agency to understand the markets it seeks to assist and regulate. Recently, WBJ completed a comprehensive study of current and historic patterns of industrial and commercial waste disposal in landfills across the country. WBJ has also played a leading role in helping the EPA to establish a universe of landfill gas to energy projects for its Landfill Methane Outreach Program (LMOP).
In conjunction with another major EPA contractor, we provided them with the industry's most comprehensive database of both operating and closed landfills. We developed a model for estimating waste flows and waste-in-place for landfills whose operations occurred long before we began gathering our own data. We provided them with additional data on existing gas recovery projects at various landfills around the country. (Ref. 0003DT).
When the Federal Department of Justice's Antitrust Division wanted to better understand the impact of various mergers and acquisitions occurring throughout the waste management industry, we provided them with specific market data and analysis. We helped them to better understand those markets where the most overlap would occur, but perhaps more importantly those markets where despite the obvious overlaps, healthy market competition would still be possible and probable. (Ref. 00033O).
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