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Roark Capital Group Press Release
| Roark Capital Group Affiliate Invests $100 million in Waste Pro USA < United States > October 8th, 2009 Private equity firm invests in leading provider of solid waste management services.
ATLANTA, GA (September 29, 2009) – Roark Capital Group, an Atlanta-based private equity firm, announced today that its affiliate has made a $100 million equity investment in Waste Pro USA, Inc. Headquartered in Longwood, Fla., Waste Pro is one of the Southeast’s leading non-hazardous solid waste management companies. Founded in 2001 by its Chairman and CEO John Jennings, Waste Pro provides solid waste collection, disposal and recycling services to more than 825,000 residential and 32,000 commercial customers in the Southeast. The Company operates from 35 locations and has more than 80 exclusive municipal franchise contracts in Florida, Georgia, South Carolina, and Alabama. “Waste Pro has an outstanding reputation for delivering high quality service to its municipal, residential and commercial customers. We are thrilled to be partnering with John Jennings and his management team and look forward to supporting the Company’s growth initiatives,” said Roark Capital Group President Jeffrey J. Keenan. In connection with the transaction, Keenan has joined the Waste Pro USA, Inc. Board of Directors. Keenan co-founded and served as Chairman of IESI Corporation from 1996 to 2005. IESI grew from a small Texas based start-up operation into one of the largest vertically integrated solid waste management companies in the United States. IESI was sold to BFI Canada in 2005 for $1.1 billion. According to Jennings, Waste Pro’s philosophy has always been: “Make it easy for our customers to do business with us.” “Consequently, we keep abreast of new technology to procure the best equipment, but more importantly, we strive to attract the best people,” Jennings said. “We believe Jeffrey Keenan and Roark Capital display the intelligence, integrity and industry experience to help us accomplish that goal.” Roark’s investment in Waste Pro represents the firm’s 14th investment in a business owned by a founding entrepreneur or family. It also completes an active third quarter for the Atlanta-based private equity firm. Earlier this month Roark completed its 15th investment in the franchise industry when it acquired Pet Valu, Canada’s leading small-format specialty retailer and wholesale distributor of pet food and supplies. Stifel, Nicolaus & Company, Incorporated served as the exclusive financial advisor to Waste Pro in connection with the transaction. In addition, the Company amended its $175 million senior credit facility led by Comerica Bank. |
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