Ironwood Capital has exited its investment in Lakeshore Recycling Systems (LRS), a privately held waste and recycling company servicing Illinois, Indiana, Iowa, Michigan, Minnesota and Wisconsin.
LRS is led by industry veteran Alan Handley, CEO. Ironwood has extensive experience in the environmental services industry, completing more than a dozen platform investments in the waste management vertical.
“We have enjoyed working with Alan and his team at LRS during this time of rapid company growth,” says Dickson Suit, partner and head of the Environmental Services team at Ironwood Capital. “LRS management has seamlessly executed its acquisition plan while maintaining high environmental standards and outstanding customer service.”
Since its formation in 2013, LRS has grown from a single location with 200 employees and annual revenues of less than USD50 million to 1400 employees with USD375 million of revenue, becoming a super-regional leader in waste diversion and recycling. Handley said LRS’ rapid rise has helped the company compete in municipalities and states throughout the greater Midwest, and the company will continue to seek best-in-class acquisition opportunities.
