Infrastructure M&A Transactions

BGL Announces the Closing of the Continuation Vehicle for The Amlon Group

Heartwood Partners receives a single-asset continuation vehicle for The Amlon Group.

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the successful closing of the inaugural continuation vehicle for The Amlon Group (“Amlon” or the “Company”), a sustainability-focused waste salutation provider, by Heartwood Partners, a private equity firm. BGL’s Environmental Infrastructure investment banking team served as a financial advisor to The Amlon Group in the transaction. The specific terms of the transaction were not disclosed.

Headquartered in Plano, Texas, Amlon is a sustainability-focused waste solution provider specializing in waste-to-value processing, treatment, and management of a diverse set of hazardous and industrial waste streams. The Company offers customers expertise and a high-quality service that protects finite resources by remediating waste and recycling valuable commodities.

As part of the transaction, investors have committed capital to pursue a pipeline of strategic add-on acquisitions, greenfield expansions, and several organic growth initiatives, providing visibility into near-term growth. The transaction was led by Apogem Capital, with significant capital commitments by leading limited partners, including funds managed by New 2ND Capital, Reinsurance Group of America, Incorporated (“RGA”), Mercer Investments, Round2 Investment Partners, Flexstone Partners, and other syndicate investors.

Our Environmental Infrastructure team focuses on businesses that perform essential services to the waste processing & disposal, water & wastewater treatment, waste-to-value, and waste-to-energy markets. Our industry-focused bankers offer highly specialized expertise and long-standing relationships that serve to maximize the opportunities available to our clients.

Craig Decker quoted in, “Overseeing supply chains in a new era,” Directorship Magazine

BGL Managing Director Craig Decker, who leads the firm’s Supply Chain & Logistics Services investment banking team, is quoted in an article published in the Fall 2025 issue of Directorship Magazine – the official publication of the National Association of Corporate Directors – entitled, “Overseeing supply chains in a new era.”

In the article, Craig examines the evolution of the supply chain and logistics sector amid shifts in trade policies. He highlights the pressures and opportunities these changes are creating for companies as they prepare for 2026.

BGL’s Supply Chain & Logistics Services investment banking team has extensive experience across the sector and has developed deep relationships with key industry executives and private equity partners. BGL’s comprehensive understanding of the drivers shaping the transportation and logistics industry has resulted in the execution of numerous transactions in trucking and logistics, maritime and offshore, transportation infrastructure, supply chain, and passenger transport.

For all of Craig’s insights, read the complete article in the digital issue of Directorship Magazine (page 46).

BGL Advises Lakeshore Recycling Systems

LRS Arkansas and Kansas Solid Waste Operations has been acquired by GFL Environmental Inc.

Client Description

Headquartered in Chicago, Illinois, Lakeshore Recycling Systems (LRS) is a leading vertically integrated waste diversion, recycling, and portable services provider operating across the Midwest region. The divestiture of LRS South represents multiple hauling operations, a transfer station, and a C&D landfill that serve the broader Arkansas and Kansas markets. The divestiture and simultaneous acquisition of select GFL Indiana operations allows LRS to further invest and densify in its core Midwest markets.

Effram Kaplan Interviewed with CNBC for “While SNAP battle leaves Americans fearing hunger, near $400 billion in food at risk of waste every year”

Learn more about environmental services investment banking professional Effram E. Kaplan who was quoted in the November 2025 CNBC article discussing the attractive characteristics of waste management M&A.

BGL Senior Managing Director and Head of the firm’s Services and Infrastructure verticals Effram Kaplan was recently interviewed for a CNBC article entitled, “While SNAP battle leaves Americans fearing hunger, near $400 billion in food at risk of waste every year.”

In the article, Effram discusses why investor interest in the broader environmental services category continues to accelerate, noting that the shift in capital signals an institutional recognition of waste as a core asset class within infrastructure investing.

BGL’s experience in Environmental Services investment banking includes waste & recycling, including solid waste, industrial & special waste, and waste-to-energy, specialty environmental services, and tech-enabled services. Our industry-focused bankers offer highly specialized expertise and longstanding relationships that serve to maximize the opportunities available to our clients

For all of Effram’s insights, read the complete article on the CNBC website.

BGL Growth Conference 2026

BGL’s Growth Conference is the premier gathering for entrepreneurs, industry leaders, and private equity professionals designed to spark meaningful connections and create opportunities for future growth.

350+ PARTICIPANTS
Take advantage of several opportunities to meet and engage with other industry participants during the event

50+ COMPANIES
Hear dozens of high-quality middle market companies present overviews and growth strategies for their businesses

600+ 1×1 MEETINGS
Engage in two days of targeted meetings, facilitated by BGL, for presenters and prospective investors

NETWORKING OPPORTUNITIES
Take advantage of several opportunities to meet and engage with other industry participants during the event

For additional information or to request an invitation to our 2026 conference, please reach out to BGL’s Conference Team or complete the form below.

Please note: BGL’s Growth Conference program is structured around a keynote and a highly curated agenda. At this time, we are not accepting submissions for additional speaking opportunities, panels, or outside speakers.

Craig Decker quoted in “Logistics M&A value soars amid a handful of big-ticket deals,” Axios

BGL Managing Director Craig Decker, who leads the firm’s Supply Chain & Logistics Services investment banking team, is quoted in an article published by Axios entitled, “Logistics M&A value soars amid a handful of big-ticket deals.”

In the article, Craig notes that while overall deal volume has declined, there’s been a flight to quality, with investors gravitating toward businesses that demonstrate strong fundamentals and resilient models.

BGL’s Transportation & Logistics Infrastructure investment banking team has extensive experience across the sector. As investment bankers and advisors, we have executed numerous transactions in road, rail, marine/aviation, and infrastructure.

For Craig’s insights, read the complete article on the Axios website (subscription required).

Waste Today Corporate Growth Conference 2025

Corporate Growth Conference Waste Today 2025 WEB v2

BGL Managing Director and Head of the firm’s Services and Infrastructure verticals Effram Kaplan will be moderating two sessions at the 2025 Waste Today Corporate Growth Conference in Chicago.

Fireside Chat: Patrick Dovigi, Founder & CEO, GFL Environmental

Patrick will share insights on GFL’s continued evolution through strategic acquisitions and divestitures, as well as his outlook on the future of the environmental services industry.

Leadership Insights: Environmental Services Outlook

A panel discussion featuring:

-John Magee, CEO, VLS Environmental Solutions

-Brendon Pantano, Founder & CEO, Coastal Waste & Recycling

-Brian Recatto, President & CEO, Crystal Clean

This session will explore market dynamics, growth opportunities, and how industry leaders are navigating today’s capital markets environment.

BGL Director Jim Cocita will also be in attendance and available to discuss opportunities and activity in the environmental market.

BGL’s Environmental Services and Infrastructure teams have deep experience across the environmental sector, including solid waste, industrial & special waste, waste-to-energy, specialty environmental services, and tech-enabled services.

To learn more about BGL’s expertise across the environmental landscape, click here.

Craig Decker Quoted in, “AAA Cooper brand to extend to LTL affiliates,” Trucking Dive

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, is quoted in an article published by Trucking Dive entitled, “AAA Cooper brand to extend to LTL affiliates.”

Craig says Knight-Swift’s decision to unify its LTL subsidiaries under its AAA Cooper Transportation brand shows confidence in the strength of the AAA Cooper name. He noted that even without physical assets in the Northeast, the company can still provide nationwide service through partnerships with other carriers, though doing so means sharing some of the margin.

For all of Craig’s insights, read the complete article on the Trucking Dive website.

Craig Decker Appears on NewsNation to Discuss Impact of Tariffs on the Trucking Industry

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, recently appeared on NewsNation’s “Morning in America with Markie Martin” to discuss the potential effects of tariffs on the trucking industry and how trucking and logistics companies can navigate the market amid uncertainty.

BGL Announces the Sale of ERG Environmental to Arcwood Environmental

ERC Environmental Services has been acquired by Arcwood Environmental

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the sale of ERG Environmental (ERG), a premier integrated special waste and environmental solutions provider, to Arcwood Environmental (Arcwood), a national leader in sustainable waste management and environmental services and a portfolio company of EQT Infrastructure (EQT). BGL’s Environmental Infrastructure investment banking team served as the exclusive financial advisor to ERG in the transaction. The specific terms of the transaction were not disclosed.

Founded in 1995 and headquartered in Livonia, Michigan, ERG is a leading integrated special waste management and environmental solutions provider operating across the broader Great Lakes region. Leveraging its interconnected network of highly permitted facilities and complementary technical and field services, ERG delivers a full spectrum of special waste management services, including sampling, lab analysis, waste characterization, manifesting, transportation, and disposal of complex waste streams. The company’s strong reputation, integrated service model, and impressive history of service excellence, safety, and sustainability have enabled it to partner with municipal, commercial, and industrial customers throughout the region.

Headquartered in Indianapolis, Indiana, Arcwood is one of the largest waste management and environmental services companies in North America, providing comprehensive and scalable solutions that span the entire waste hierarchy, from prevention and recycling to treatment and disposal.

The acquisition of ERG further strengthens Arcwood’s operational presence across the Great Lakes region and expands its capabilities in industrial environmental services, compliance support, and technical expertise.