BGL Announces the Recapitalization of Red River Waste Solutions
February 18 2014
Brown Gibbons Lang & Company (BGL) is pleased to announce the recapitalization of RR Waste Solutions, LP and its affiliate Black Hills Environmental Partner, LLC (collectively, “RR Waste” or the “Company”) with financing from Comerica Bank’s Environmental Services Department, Ironwood Capital, and Patriot Capital. BGL’s Energy and Environmental Services team initiated the transaction and served as the exclusive financial advisor to RR Waste. The specific terms of the transaction were not disclosed.
Founded in 1988, RR Waste is a leading solid waste management and recycling company specializing in residential and commercial solid waste collection, hauling, and landfill management. The Company has developed an impressive track record of winning and maintaining long-term municipal and Federal solid waste contracts across the U.S. RR Waste currently provides collection services to over 150,000 residences and commercial locations in Iowa, Kentucky, Louisiana, Mississippi, South Dakota, Tennessee, and Texas. In addition, RR Waste owns a construction and demolition landfill and provides landfill management services in certain locations.
Jim Smith, founder and CEO of RR Waste, commented, “BGL’s process developed alternatives that ensured our transaction objectives were met, and their industry expertise helped bring us capital providers with significant experience supporting the growth of solid waste businesses. We are extremely pleased with the outcome of the transaction and excited to execute our growth plan with our new partners.” Dickson Suit, partner at Ironwood Capital who led the transaction, also commented, “We see a lot of exciting opportunities in the market and are really excited to partner with Jim to grow the business.”
Effram Kaplan and Michael Vinciguerra led the BGL transaction team.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in merger and acquisition advisory services, debt and equity placements, financial restructurings, and valuations and fairness opinions, with global industry teams in business services, consumer and retail services, energy and environmental services, healthcare and life sciences, industrials, metals and metals processing, plastics and packaging, and real estate. BGL has offices in Chicago, Cleveland, Miami, and Salt Lake City, and 38 international offices through Global M&A Partners Ltd. covering 50 countries across five continents, which allows us to deliver to our clients unparalleled access to corporations, investors, and opportunities globally. For more information, please visit www.bglco.com.
About Comerica Bank
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $65.2 billion at December 31, 2013. For more information, please visit www.comerica.com.
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm with over $600 million under management. It invests the majority of its capital in middle market companies in the form of mezzanine capital, typically subordinated debt with warrants and often complemented with an investment in preferred stock. Ironwood Capital’s investment amounts range from $5 to $20 million in companies across a broad spectrum of industries with a particular interest and expertise in precision manufacturing, environmental services, and business-to-business services. For more information, please visit www.ironwoodcap.com.
About Patriot Capital
Patriot Capital is a private equity firm with offices in Baltimore, Chicago and Dallas that has $550 million of capital invested and assets under management in its family of funds focused on debt capital and minority equity investments. Patriot Capital provides a full range of debt and equity capital for acquisitions, management buyouts and recapitalizations that range between $15 and $100 million in enterprise value, and will also make business expansion investments between $3 and $20 million. For more information, please visit