The Edgewater Funds, a leading private equity firm, announces the sale of it’s portfolio company, Mid America Recycling to Greenstar North America, the recycling business of NTR plc.
Mid America Recycling (MAR or the Company), on of the nation’s largest recycling companies with plants and facilities across America, is a multi-material recycling company processing 1.5 billion pounds of paper, plastics, metals and glass annually. Originally founded as Container Recovery, Incorporated in 1979, Bolder partnered with MAR CEO, Brian Meng, in a management buyout of the founding shareholders in 2004.
“We are very proud of our role as a partner to Brian Meng and the exceptional team at MAR during this exciting growth phase, including support of the company’s successful acquisition and single stream strategies,” said Bolder Managing Director, Todd Hamilton. “We have enjoyed an outstanding partnership with management and the new relationship with “Greenstar represents an exciting new chapter in the MAR story.”
“I’d like to thank Bolder for their unwavering support in helping MAR become an industry leading company,” said MAR CEO, Brian Meng. “I am looking forward to Mid America’s partnership with Greenstar, America. “Our companies share a similar commercial vision for the future as well as a focus on bringing the latest recycle processing technology to market. Together, we will be well positioned for growth in the recycling industry.”
“MAR is a remarkable business in the rapidly changing global recycling industry. Joining forces with the company’s top notch management team has been a tremendous success for Edgewater. We wish the MAR team continued future success,” added Edgewater Managing Partner, Jim Gordon.
“Mid America’s leadership in recycling, particularly with new investments in single stream processing, and its global trading business directly complements our North American strategy,” said Steve Ragiel, Greenstar CEO.
MAR’s legal counsel was provided by Sonnenschein, Nath, Rosenthal, LLP. Legal counsel was provided by Locke, Liddell & Sapp, LLP for Greenstar.
About Mid America Recycling (“MAR”)
Mid America Recycling Incorporated, one of the nation’s fastest growing and largest private recycling companies, is comprised of multi-material recycling facilities across the Central United States whose efforts are greatly contributing to the growth of recycling in America today.
The organization that began operation from a single plant in Des Moines, Iowa nearly 30 years ago as Container Recovery Incorporated (CRINC) has since matured and expanded into a national multi-material recycling leader. Mid America companies provide expertise in creating cost effective, quality driven recycling programs for recyclers, waste haulers, landfills, cities and governments. These programs create solid market fundamentals that encourage and allow both small businesses and large corporations to recycle profitably while reducing waste hauling expenses and landfill stress.
Today, processing over 1.5 billion pounds of paper, plastics, metals and glass annually, the Mid America companies are growing by shaping positive recycling and environmental solutions for the 21st century and beyond.
About Greenstar North America (“Greenstar”)
Greenstar North America is a leading provider of sustainable recycling solutions in the recycle processing, commodity upgrading and commodity trading sector of the US solid waste market. The Mid America transaction is Greenstar’s fourth partnership in the U.S. including Recycle Management of Pittsburgh Pennsylvania, Todd Heller Inc of Allentown Pennsylvania, and Delta Management of Normal Illinois. Greenstar is now one of the largest private recycle processors in the U.S. handling over 1 million tons per year of recyclables through a network of 15 processing facilities. The company is focused on the recycle sector and does not expect to enter the landfill or waste collection areas of the solid waste market.
About NTR plc
NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. The company employs 1,600 people, has an annual revenue of in excess of $500 million and a market capitalization in excess of $1.6 billion. NTR has operations in Ireland, UK, Germany and the US.