Date: August 18, 2010
Source: Summer Street Capital Partners LLC
Private equity firm Summer Street Capital Partners LLC formally acknowledged its investment in Action Environmental Services' purchase of New York City assets from Republic Services. That deal which was announced in February and closed earlier this month, involves two transfer stations, hauling equipment and a handful of employees. Action hopes to drive more volume through its Bronx materials recovery facility that opened in June last year. The greater volume is expected to enhance operating margins while improving the quality of the recycled product. Summer Street joined Ironwood Capital as private equity partners to finance the Republic Services deal. "After working and investing together in a successful environmental services company in the early 2000s, we are thrilled to have the opportunity to invest again in support of the talented team at Action," said Brian D'Amico, Summer Street managing partner.
PRESS RELEASE
Summer Street Capital Announces Investment in Action Environmental Services
Summer Street Capital Partners LLC (www.summerstreetcapital.com), a private equity fund based in Buffalo, NY, announced today that it has completed an equity investment in Action Environmental Services, a leading provider of waste management services for the business community in the City of New York. The investment will support the acquisition of select New York City assets from Republic Services, Inc. (NYSE: RSG). "The addition of these assets, including two transfer stations, positions Action to serve our customers more effectively in the highly competitive and demanding New York City market," said Ron Bergamini, Action's CEO.
Bergamini continued, "We look forward to continuing to provide the local university, hospital, sports stadium, and corporate market with impeccable collection services and state of the art technologies designed to help them meet their 'green' objectives to reduce, reuse and recycle." The two new transfer stations will enable the company to increase the quantity and quality of their recycling capabilities, further advancing Action's mission to be the foremost environmentally friendly collection & recycling provider in the city.
Brian D'Amico, Summer Street managing partner and head of the firm's environmental services investment team, commented: "After working and investing together in a successful environmental services company in the early 2000s, we are thrilled to have the opportunity to invest again in support of the talented team at Action." Summer Street joins Ironwood Capital as private equity partners to finance the acquisition of these strategic assets.
ABOUT ACTION CARTING ENVIRONMENTAL SERVICES
Founded in 1999 by John Glauda, Action Environmental Services is a leading provider of solid waste collection and environmental services for the business community of New York's five boroughs. Action is headquartered in Newark, with key operations and facilities in the Bronx. With more than 350 employees, 110 trucks, a material recovery facility and two transfer stations, Action provides the highest quality solid waste, recycling, collection and disposal services. Action also offers customers leading "green" solutions, including composting and light bulb recycling. For more information, please visit www.actioncarting.com.
ABOUT SUMMER STREET CAPITAL PARTNERS LLC
Summer Street Capital Partners LLC, founded in 1999, is a Buffalo, NY-based private equity fund with approximately $300 million of committed capital is focused on investing in small-market companies. The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies. Summer Street's investors include leading pension funds, insurance companies, and banking institutions. Summer Street seeks to invest $15-$30 million to support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. The investment team is complemented by a team of experienced operating partners who are integrally involved in assisting portfolio companies. Visit www.summerstreetcapital.com for additional information.
ABOUT IRONWOOD CAPITAL
Ironwood Capital is an investment management firm headquartered in Avon, Connecticut. With over $300 million of assets under management, Ironwood Capital invests in both subordinated debt with warrants and non-control preferred equity in growing middle market companies. Ironwood Capital seeks to invest between $5 and $15 million in support of recapitalizations, growth financings and leveraged buyouts. Ironwood Capital actively invests alongside of financial sponsors, independent sponsors, as well as in unsponsored transactions.
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