Prospect Partners Platform Waste Harmonics Acquires Consolidated Waste Management
CHICAGO, Ill.—June 7, 2016: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced the strategic acquisition of waste broker Consolidated Waste Management, LLC (CWM), by its portfolio company Waste Harmonics, LLC, a leading provider of outsourced waste management services based in Victor, New York. Prospect Partners also partnered with independent sponsor Expedition Capital Partners, LLC, in the transaction.
The acquisition of CWM, with offices in Columbus, Ohio, and Hartford, Conn., increases the presence of the rapidly-growing Waste Harmonics. Waste Harmonics offers an integrated outsourced waste management solution for North American companies with multiple locations spread across a wide geographic territory. Its programs cost-effectively consolidate all components of its customers' waste-management needs, including pick-up, hauling, recycling, sustainability, invoicing, and reporting.
"One of our top objectives is to support management's ability to make add-on acquisitions of other strong waste brokerage companies that expand Waste Harmonics' reach and services," said Maneesh Chawla, a Principal of Prospect Partners. "CWM is a well-run business with loyal customers and a great cultural fit."
Added Michael Hess, Waste Harmonics' President and CEO: "The support of our new private equity partners, Prospect Partners and Expedition Capital Partners, has already helped us accelerate our growth plans. We are very excited to bring the talented CWM team on board. In addition to offering deep expertise, CWM shares our focus on making sure our customers have the most efficient, most cost-effective, and most environmentally-friendly waste-management programs in place."
Going forward, Waste Harmonics continues to seek acquisitions of other waste brokers and waste services providers.
Earlier this year, Waste Harmonics was recognized by the Rochester Business Journal as the seventh fastest-growing privately-held business in 2015 in the Rochester, N.Y., area in the publication's annual Rochester Top 100 ranking.
About Prospect Partners
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has completed 135 transactions, investing opportunistically nationwide in companies in widely diverse niche manufacturing, distribution, and specialty service markets.