Infrastructure M&A Transactions

BGL Advises ERG Environmental

ERC Environmental Services has been acquired by Arcwood Environmental

Client Description

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.

BGL Announces the Sale of West Gulf Marine to Maritime Partners

West Gulf Marine has been acquired by Maritime Partners

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the sale of West Gulf Marine to Maritime Partners, a leading provider of maritime financing solutions primarily focused on Jones Act vessels. BGL’s Transportation & Logistics Infrastructure investment banking team served as the exclusive financial advisor to West Gulf Marine in the transaction.

Founded and headquartered in Galveston, Texas, West Gulf Marine specializes in the construction of tank barges used to transport black oil, petrochemicals, refined products, and more along the inland and intracoastal waterways, serving many of the country’s major operators, including Kirby Corp, Canal Barge Company, Enterprise Product Partners, and more.

Bryan Fiegel and Keith Fiegel, President and Vice President of West Gulf Marine, respectively, have grown the business over the past 40 years to become one of the premier barge builders for the inland maritime sector. “It is great to be selling the business to a group that understands the maritime culture and will preserve the legacy of the business,” said Bryan Fiegel. “This will provide Maritime Partners with a first-class operation that will complement their fleet needs while continuing to service the inland customers that West Gulf has served for decades,” said Keith Fiegel.

West Gulf Marine started as an offshoot of their father, Harry Fiegel’s Galveston Shipbuilding Company, a leader in the construction of oceangoing tank barges. “We started a new operation focused on the inland sector, and after building our first barges for Cenac Towing, we developed a strong following among the leading inland tank barge operators. “BGL did an incredible job positioning and communicating our story to the market which enabled us to find Maritime Partners who will usher in a new era of growth for West Gulf while maintaining the culture and dedication to building a premium product,” said Bryan Fiegel.

BGL’s Transportation & Logistics Infrastructure investment banking team, led by Managing Director Craig Decker, has deep sector knowledge and extensive transaction experience representing companies across marine, road, rail, aviation, and infrastructure sectors. Our Transportation & Logistics team is deeply connected across the industries we serve, maintaining strong relationships with strategic and financial buyers.

Effram Kaplan quoted in, “Waste and the economy: 4 areas to watch for the rest of 2025,” Waste Dive

BGL Senior Managing Director and Head of Services and Infrastructure, Effram Kaplan, was recently quoted in an article published by Waste Dive entitled, “Waste and the economy: 4 areas to watch for the rest of 2025.”

In the article, Effram shares his outlook for the remainder of 2025, noting the waste and recycling is still attracting investors even with challenges in the macroeconomic environment around tariffs and interest rates.

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

BGL Advises Green Infrastructure Partners

Green Infrastructure Partners recapitalized by ECP

Client Description

GIP is a leading vertically integrated infrastructure company established in 2022 by GFL Environmental Inc., with funds managed by HPS Investment Partners Inc. (“HPS Investment Partners” or “HPS”) and Patrick Dovigi.

BGL Advises Green Infrastructure Partners on $4.25 Billion Recapitalization

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the completion of the recapitalization of Green Infrastructure Partners (“GIP”) at an enterprise value of $4.25 billion with an investment by Energy Capital Partners. GIP is a leading vertically integrated infrastructure company established in 2022 by GFL Environmental Inc., with funds managed by HPS Investment Partners Inc. (“HPS Investment Partners” or “HPS”) and Patrick Dovigi. BGL’s Infrastructure Services investment banking team served as GIP’s financial advisor in the transaction.

BGL’s Infrastructure Services team focuses on businesses that perform essential maintenance, repair, inspection, and construction services for critical infrastructure assets. Our sector-focused bankers offer industry expertise and deep relationships, including a comprehensive understanding of the key drivers impacting service providers to critical transportation, water, power and utility, telecom, and energy markets. To learn more about our experience and capabilities, visit our website here.

All financial information is in Canadian dollars unless otherwise noted.

Craig Decker quoted in, “Trucking market cycle may look more like 2014: RXO,” 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, “Trucking market cycle may look more like 2014: RXO.”

Craig notes in the article that unsustainable rates are reshaping the supply of transportation providers, while the market continues to struggle with a slow rebound from the ongoing downturn.

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

EI Digest Gathering 2025

The 2025 EI Digest Gathering is an annual executive-level conference focused on the commercial management of hazardous and universal wastes in Canada and the United States.

BGL’s Head of Services and Infrastructure Effram Kaplan and James Cocita will be attending and available to discuss opportunities in the environmental infrastructure market and trends in waste management M&A.

BGL’s Environmental Services investment banking team focuses on businesses that perform essential services and operate critical infrastructure that support the broad environmental sector. These include waste processing & disposal assets, water & wastewater treatment, specialty services, waste-to-value, and waste-to-energy markets.

Craig Decker quoted in, “Railroad megamerger facing foreclosure, labor risks, experts warn,” Global Competition Review

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, is quoted in an article published by Global Competition Review entitled, “Railroad megamerger facing foreclosure, labor risks, experts warn.”

In the article, Craig discusses how a potential Union Pacific-Norfolk Southern merger could lead to other Class 1 railroads to consolidate.

For all of Craig’s insights, read the complete article on the Global Competition Review website (subscription required).

Datacloud USA + Metro Connect Fall 2025

Metro Connect Fall 2025 and Datacloud USA are a must-attend for dealmaking in the U.S. digital infrastructure community.

BGL Managing Director Nick Melton will be attending the conference and will be available to meet with entrepreneurs, sponsors, and other digital infrastructure leaders.

BGL’s Digital Infrastructure investment banking team is focused on helping our clients create and maximize value. With a broad network of contacts and track record of successful transactions in digital infrastructure, our investment bankers facilitate senior level access to potential investors, strategic partners, and acquisition targets.