Warren Equity Partners, a lower middle market private equity fund, closed its acquisition of the solid waste subsidiaries of Meridian Waste Solutions (MRDN).
The acquired entities which comprise MRDN’s integrated, non-hazardous solid waste services business, primarily operating in Missouri and Virginia, will maintain and operate under the name Meridian Waste post-closing.
“Warren Equity has a successful track record of investing in infrastructure service companies,” says Steven Wacaster, Managing Partner at Warren Equity. “The acquisition represents an excellent opportunity for us to partner with management to build an industry-leading waste services platform through optimization of Meridian Waste’s existing assets, as well as through bolt-on acquisitions and organic growth. We are excited to back a nimble, customer-focused company with a world class leadership team.”
Meridian Waste will be led by Walter “Wally” Hall as CEO. Hall was one of three founding members of Advanced Disposal Services (NYSE:ADSW), which grew to become the fourth largest solid waste company in the US under his operational leadership from 2000 to 2014. During his tenure at ADSW, Hall led and implemented over 150 acquisitions, serviced over 800 municipal contracts and grew operations to over 3,000 collection vehicles, over 40 landfills, and a team of more than 5,000 waste professionals.
“We expect that our partnership with Warren Equity will be a growth catalyst for Meridian Waste. The transaction gives us access to capital that will allow us to continue to deliver superior service to our customers, while also providing a springboard into new markets,” says Hall. “I believe that, with this partnership, we can build a great company, and we have assembled a talented management team that can deliver on our potential.”
Henrik Dahlback, Partner and COO of Warren Equity, says, “We have been impressed with the pedigree of Wally and the Meridian management team, as well as the hard work they have put into building the company. We look forward to many years of a successful partnership.”
The transaction is Warren Equity Partners’ ninth acquisition since its formation in mid-2015.
