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PRIVATE EQUITY INVESTING
In Environmental Services Companies

Thu, Dec 12 @ 8:00 am - 5:00 pm

Treasure in the Trash –
Where PE Firms Are Finding Success
In Waste, Recycling, & Water Deals

Private Equity Investing
In Environmental Services Companies

Details

M&A is stronger than ever in the water, waste, and recycling industries. According to one estimate, there were 75 deals in the first half of this year, up from 43 a year earlier.

Another report calculates that private equity firms — attracted by the sectors’ fragmented nature and recurring recession-resistant revenue– had already done more platform deals (nine) by July 2019 than they did all of 2018 (six).

This success is happening despite rollbacks in environmental regulation and China’s decision to no longer be the dumping ground for the world’s recycled waste, which has left municipalities and waste companies in the U.S. scrambling for alternatives. But experts say these recent developments offer an opportunity to invest in better solutions that depart from an unsustainable throwaway culture.

The fact is that there are vast opportunities to help municipalities, corporations, and consumers solve the world’s waste problems. And that won’t change, even if the specific opportunities evolve from recycling to offering alternatives to plastic or to turning waste into energy.

Meanwhile, PE is finding more and more opportunities to boost margins and valuations despite high deal prices. Tactics include consolidations, vertical integrations, and new technologies.

Here are the water, waste, and recycling subsectors that are attracting private equity interest —

  • Climate change mitigation — Major impacts of climate change range from more severe hurricanes to more frequent wildfires. PE firms are investing in businesses that improve stormwater control or help with cleanup of property damage. For instance, look at how Warren Equity Partners recently bought StormTrap LLC of Romeoville, Ill., which makes concrete systems that store storm water runoff in underground chambers before releasing it at a controlled rate or harvesting it for reuse. And how Delos Capital recently sold commercial and large loss property restoration company Global Restoration Holdings to FirstService Corp. for $530 million.
  • Fracking-related waste and wastewater remediation — Private equity firms aren’t just investing in fracking companies – they’re investing in the service providers who help these companies handle their wastewater. Take for example Pritzker Private Capital’s acquisition of Valicor Environmental Services, a leading provider of non-hazardous wastewater treatment services in North America.
  • Hazardous Waste — In 2019, hazardous waste is projected to drive about half of total revenue in the waste treatment industry. PE firms are watching state-level regulation around electronic waste, as well as emerging legislation concerning per- and polyfluoroalkyl (PFAS) substances.
  • Landfills — Waste Business Journal projects that by 2021 only 15 years of landfill capacity will remain. Landfills with lots of room remaining, especially if they have monopoly characteristics, are therefore attractive opportunities.

Chaired by

Scott Sergeant, Houlihan Lokey

Scott Sergeant

Managing Director
Houlihan Lokey

Date

Thursday, December 12, 2019

8:00am – 5:00pm

Location

Midtown Manhattan, NY

Register now to gain valuable insight as our panelists assess the outlook for  the water, waste, & recycling sectors when you attend The Capital Roundtable’s all-day conference on Thursday, December 12, 2019,  in New York City.

Key Reasons to Attend

Three Key Reasons Why You Should Join Us

 

  1. Hear which waste and wastewater subsectors are attracting the most interest from private equity investors
  2. Learn how PE firms are improving portfolio company operations and margins with new technologies and such tactics as vertical integration
  3. Understand how climate change and sustainable investing are transforming the landscape
Key Points Being Covered
    • When the outlook for recycling companies will improve
    • How recycling companies are successfully renegotiating contracts with municipalities
    • How new technologies, like better sorting tech and monomer recycling, may improve the economics of recycling
    • Opportunities to invest in and improve water infrastructure as shortages grow
    • Prospects for waste, recycling, and wastewater companies in an economic downturn
    • How firms are changing their due diligence late in the economic cycle
    • How to attract limited partners with ESG mandates
    • The kind of transformational deals strategic buyers are looking for
    • What are potential exits for fracking water companies
    • Tactics for finding workers in a tight job market, including recruiting more women and young people
    • Federal and state-level environmental regulations worth watching
    • How water and waste companies are responding to new tariffs
    • How recent corporate social responsibility initiatives like the Business Roundtable’s new statement on the purpose of a corporation impact waste and recycling companies
Recent Deals

Recent Middle-Market Water, Waste, & Recycling Deals

  • Kinderhook Industries acquired Avon, Ohio-based Chemtron, a hazardous and non-hazardous waste management provider, from CapitalWorks.
  • Stella Environmental Holdings, backed by Hidden Harbor Capital Partners, acquired Dallas-based Jack Herod Trucking. Both companies provide transfer station management and municipal waste logistics services.
  • Ironwood Capital sold Lewis Clark Recycling & Disposal LLC, a Harrisburg, Illinois solid waste management company, to Waste Connections.
  • Gold Medal Group, a portfolio company of Kinderhook Industries, acquired Earthtech Contracting, a New Jersey provider of recycling services to residential and commercial customers. It was Gold Medal’s sixth add-on.
  • Arsenal Capital Partners agreed to buy Little Rock, Arkansas-based Revolution, a provider of sustainable, closed-loop plastic products serving the agricultural, consumer, and industrial markets. Revolution markets plastic solutions for the agricultural sector, which it then recovers, cleans and processes into a post-consumer resin.
  • Atar Capital-backed Recycling & Waste Solutions agreed to acquire Sustainable Solutions Group, a Woodstock, Georgia-backed company that develops comprehensive waste reduction programs for commercial clients that include some of the nation’s largest brands.
  • Wind Point Partners sold Valicor Environmental Services, a provider of non-hazardous wastewater treatment services in North America, to Pritzker Private Capital.
  • Compass Group sold Clean Earth Inc., a specialty waste processing company, for about $625 million to Harsco Corp., and expects to realize a gain of about $200 million on the sale.
Chairperson Info

Scott Sergeant is a managing director in Houlihan Lokey’s Business Services Group and leads the firm’s Environmental Services practice. Over the past several years, he has transacted with a large number of leading environmental services companies and high-quality financial sponsors that have invested in the sector.  He is based in the firm’s New York office.

Previously, he was a member of the firm’s mergers & acquisitions group, focusing almost exclusively on M&A transactions.

Who We Are

This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights about water, waste, and recycling companies. You’ll gain valuable insights from —

  • Three informative panel discussions
  • Two revealing keynote presentations
  • Real-world perspectives from company investors
  • Industry outlooks from noted sector experts
  • War stories and lessons learned from experienced hands

Chaired by
  • Scott Sergeant, Managing Director, Houlihan Lokey
Hosted by
  • Burt Alimansky, Chairman & CEO, The Capital Roundtable
Preliminary Speaker List
  • Max V. Alper, Partner, PPC Enterprises LLC
  • Ed Apuzzi, Chief Executive Officer, Solterra Recycling Solutions
  • Michael Castellarin, Managing Director, Clairvest Group Inc.
  • Robert L. Egan, Partner & Head–Industrials, Alston Capital Partners LLC
  • Andrew M. Freeman, Managing Director, Fremont Macanta LLC
  • Andreas Y. Gruson, Chairman, Wastequip LLC
  • Judson Hill, Managing Partner, EcoServices Partners
  • Chris Leary, Managing Dir. & Investment Principal, Orion Energy Partners
  • Ken Leung, Managing Director, Cronus Partners LLC
  • Disha Mehta, Senior Vice President, Houlihan Lokey
  • Brian A. Miller, V.P.–Commercial Lending Environmental Services, Comerica Bank
  • Duncan Murdoch, Chief Investment Officer, Boxwood Merger Corp.
  • John Shegerian, Co-Founder & Executive Chairman, Electronic Recyclers International Inc.
  • Dickson Suit, Managing Director, Ironwood Capital
  • Cav Walters, Principal, Kohlberg Kravis Roberts & Co. LP
7:30am – 8:30am

Networking & Registration & Breakfast

8:30am – 9:00am

Welcoming Remarks & Audience Self-Introductions

9:00am – 9:30am

Conference Chair’s Introduction —

  • Scott Sergeant, Managing Director, Houlihan Lokey
9:30am – 10:30am

First Panel
The PE M&A Surge in Environmental Services  – What Factors Are Driving Recent Activity?

10:30am – 11:15am

Networking & Coffee

11:15am – 12:00pm

Morning Conversation —
From Liquid Waste to Fracking to Stormwater Management – Where Are the New Investment Opportunities in Water

12:00pm – 12:30pm

Morning Keynote — 

  • John Shegerian, Executive Chairman, ERI
12:30pm – 1:30pm

Networking & Luncheon

1:30pm – 2:30pm

Second Panel
Commodity Prices & the China Plastics Ban – How Has the Calculus Changed for Investors in Recycling Companies

2:30pm – 2:45pm

Networking & Dessert

2:45pm – 3:30pm

Afternoon Conversation
How the Paradigm Shift of “Waste as a Resource” Is Attracting More Women to Careers in the Space

3:30pm – 4:30pm

Third Panel —
Emerging Waste Streams & Regulations Creating More Opportunities – What Investors Need to Know About PFAS, IMO 2020 & Coal Ash

4:30pm

Networking & Adjournment

Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or cagar@capitalroundtable.com.

Please note that Capital Roundtable limits the number of registrants from a single firm to three.

Best Rate – Early Registration

Save $300 off the standard fee of $1,495 when you register by Friday, October 25. Just $1,195.

Incentive Registration

Save $200 of the standard fee! Register by Friday, November 15, and the fee for the conference is $1,295.

Conference Rate

$1,495 increasing to $1,595 day of conference, space permitting.

Group Rate

$1095 each until Friday, November 15, when you register two or more people to attend from the same company. This rate increases to $1295 each after Friday, November 15.

You can pay by credit card (using the links above or below) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.

Can’t attend but want to hear the program? You can buy the audio package along with the handounts.

Association Partners:

Data Partners:

Past Attendees 

AGI Partners

Alberleen Family Office Solutions

Alitus Partners

Alston Capital Partners

Angelo Gordon

Anthos Asset Management

Antin Infrastructure Partners

Blackstone Group

Brookwood Associates

Capstone Headwaters

Ceres Partners

Closed Loop Partners

Cronus Partners

Denali Water Solutions

Environmental Business Specialists

Everest Group International

Farlie Turner

Global Recruiters Network

GPB Capital Holdings

HBM Holdings

Houlihan Lokey

Hydrus Technology Holdings Pty

Insight Equity

Intergulf Corp.

Ironwood Capital

Korn Ferry

Magna Imperio Systems

McLean Group

Milestone Partners

New Energy Capital Partners

New Orleans Business Alliance

NewHold Enterprises

NewWorld Capital Group

Orion Energy Partners

Plante Moran

Poudre Valley Capital

PPC Enterprises

Pulleyworks Capital

Ridgemont Equity Partners

Ridgewood Infrastructure

Sciens Capital Management

Sewickley Capital Partners

Stifel Financial

Stonepeak Infrastructure Partners

Summer Street Capital Partners

Synagro Technologies

Veolia North America

Vision Ridge Partners

Water Asset Management

Wynnchurch Capital

Details

Date:
Thu, Dec 12
Time:
8:00 am - 5:00 pm
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Contact Us



747 Third Avenue | Suite 200 | New York City | 10017
212-832-7300

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