Date: November 23, 2012
Source: ReEnergy Holdings LLC
ReEnergy Holdings LLC (Albany, NY) has acquired a construction and demolition (C&D) waste recycling facility in Boston with the purchase of United Waste Management Inc. (UWM) for an undisclosed amount. The new facility compliments ReEnergy's existing operations, which include eight renewable energy generation facilities and two C&D processing facilities by enhancing its ability to convert a significant percentage of recovered wood into high-quality fuel to generate renewable energy. "This addition to our portfolio exemplifies our strategy to build a vertically integrated renewable energy company," said ReEnergy CEO Larry Richardson.
PRESS RELEASE
November 14, 2012
ReEnergy Holdings Acquires United Waste Management, Inc.'s C&D Processing Facility
ReEnergy Holdings LLC, an Albany, NY-based renewable energy company, has acquired United Waste Management, Inc. ("UWM"), taking ownership of a construction and demolition material processing facility in Boston, MA. The facility is located in the Roxbury neighborhood of Boston, and has served area customers with construction and demolition debris recycling and disposal services for more than 40 years.
"We are very excited to complete the acquisition of the UWM facility in Boston," said Larry D. Richardson, ReEnergy's Chief Executive Officer. "This addition to our portfolio exemplifies our strategy to build a vertically integrated renewable energy company. The UWM facility will increase ReEnergy's presence in the construction and demolition (C&D) processing and recycling market in Eastern New England, and in particular will enhance our ability to recycle the C&D debris generated in the City of Boston, converting a significant percentage of the recovered wood into high-quality fuel that will be used to generate renewable energy."
The UWM facility will complement the company's existing operations, which include eight renewable energy generation facilities in New England and Northern New York State and two construction and demolition material processing facilities that service the eastern New England/Boston metropolitan area marketplace: ReEnergy Gateway/LL&S in Salem, NH; and ReEnergy Gateway/ERRCO in Epping, NH.
Twenty-one full-time UWM employees will be joining ReEnergy. "We welcome United Waste Management, Inc.'s loyal employees to the ReEnergy team and we look forward to being an exemplary corporate citizen in the City of Boston," said Tom Beck, ReEnergy's Chief Commercial Officer. "ReEnergy will strive to continue to provide a valuable service to the companies that collect and transport construction and demolition material that's generated in the area."
Scott Lemay, UWM's majority owner, said, "We are pleased to complete this transaction with ReEnergy. ReEnergy is well suited to continue with UWM's goals to improve the construction and demolition processing business and to help the region achieve its recycling and resource conservation goals."
The sale closed on Nov. 9. Terms of the sale were not disclosed.
About ReEnergy Holdings LLC
ReEnergy Holdings LLC, a portfolio company of Riverstone Holdings LLC, owns and operates facilities that recycle waste and facilities that use forest-derived woody biomass and other waste residues to produce renewable energy. ReEnergy was formed in 2008 by affiliates of Riverstone Holdings LLC and a senior management/co-investor team comprised of experienced industry professionals.
Inclusive of this acquisition, ReEnergy owns 300 MW of installed renewable energy generation capacity, recovers an average of 70 percent of the nearly 500,000 tons per year of construction and demolition material it processes, and employs approximately 290 people in five states.
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