Lakeshore Recycling Systems Buys Roy Strom Company
Date: January 4, 2021
Source: Lakeshore Recycling Systems
Lakeshore Recycling Systems (LRS), the seventh largest private waste and recycling company in the United States, recently acquired Maywood, IL based Roy Strom Company. This move comes after LRS made two (smaller) acquisitions also early this year. The financial details of the acquisition have not been disclosed and the deal is effective immediately. With this deal, LRS gains access to a long established residential and commercial customer base in the western suburbs of Chicagoland. LRS also gains access to two recycling facilities and a transfer station.
George Strom, the now former owner of Roy Strom Company, will stay on as Area Vice President. With this acquisition, along with the other two, LRS looks to be positioning itself for significant growth in the Midwest. According to CEO Alan T. Handley, the acquisition of the local, family-owned Roy Strom Company, sets LRS apart from larger, national waste hauling companies who lack the "community connection" of the firm.
PRESS RELEASE
1/4/2021
Lakeshore Recycling Systems Acquires Roy Strom Company
CHICAGO - Lakeshore Recycling Systems ("LRS"), the nation's seventh-largest privately-held waste and recycling company, today announced its largest acquisition to-date: Maywood, Ill.-based Roy Strom Company ("Roy Strom"), among the most respected independent waste haulers in the Chicagoland market. The milestone addition of Roy Strom to the LRS family positions LRS for accelerated growth throughout Chicagoland and the broader Midwest. Financial terms were not disclosed and the acquisition is effective immediately.
As a result of the combination, LRS gains an extensive, long-tenured residential and commercial customer base, well-positioned Single Stream and C&D recycling operations, and a strategically located transfer facility in Maywood which serves many local operators. More specifically, LRS will now service residents in communities such as River Forest, River Grove, North Riverside, Villa Park, Berkeley, Summit, Willow Springs and unincorporated DuPage County.
Commenting on the acquisition, Roy Strom President George Strom: "LRS is an aggressive waste and recycling industry disrupter with its roots and values planted firmly here in Chicagoland. We are excited about joining this winning organization because they share our values and passion to provide our customers with an exceptional experience, and our employees a rewarding pathway to career success. As the fourth generation of Strom leadership, I am excited to carry on my family's values of hard work, putting the customer first, and fierce independence; at LRS those values will be preserved for generations to come."
LRS also announced that George Strom will continue with LRS as Area Vice President, leading operations at LRS' Roy Strom facilities in Maywood. Roy Strom Company is the third and largest in a series of recent acquisitions announced by LRS at the turn of the New Year.
LRS Chief Executive Officer Alan T. Handley heralded the acquisition as symbolic and representing a transformation for the company as it positions for explosive growth. "For more than seventy-five years, Roy Strom Company has built a rich legacy as one of the most respected independent waste and recycling leaders in Chicago," Handley said. "This critical partnership demonstrates how trusted LRS remains as a first-choice acquirer for independent, family-owned waste and recycling companies throughout the Midwest."
Handley added "LRS has been built by entrepreneurs with many of the acquired businesses' family members continuing to serve as key executives throughout the organization. Maintaining our entrenched local roots with an unyielding commitment to the customer experience differentiates LRS and fuels our growth and innovation. LRS remains the local alternative to large national waste haulers who lack the community connection so essential to successful waste and recycling service delivery."
Much Shelist served as legal advisor and KPMG LLP provided financial and tax advisory services to the Company. Additionally, in conjunction with the acquisition, Comerica Bank's Environmental Services Department led the senior financing and Ironwood Capital provided mezzanine financing.
About Lakeshore Recycling Systems
Lakeshore Recycling Systems (LRS) is North America's seventh-largest privately-held waste and recycling company. For more than 20 years, LRS has specialized in providing comprehensive, fully integrated waste diversion and recycling services for hundreds of thousands of residential and commercial customers in northern Illinois, southern Wisconsin and western Illinois. Diversified and growing exponentially, LRS also offers: affordable roll-off container services, C&D recycling, portable restroom rentals, municipal and commercial street sweeping, mulch distribution, on-site storage and temporary fencing. LRS owns and operates 18 facilities, safely deploys a fleet of fuel-efficient trucks, and thrives on the passion of more than 1,200 full-time employees. The company processes more than 3.2 million tons of waste each year, providing safe, innovative, sustainability-driven services to clean and beautify the cities, neighborhoods and communities it serves. To learn more visit www.LRSrecycles.com.
Sign up to receive our free Weekly News Bulletin