What We’re Doing
Waste360 Waste Expo 2019
On May 6th through 9th, Harris Williams’ Business Services team attended the Waste360 Waste Expo in Las Vegas, NV. The team met with various leading companies and investors in the waste services space, and spent time exploring the evolving services offerings across the waste services landscape. Coming out of the event, HW published an article highlighting insights gained on this attractive industry segment, discussing trends, companies, and topics that were at the forefront of the event and how this market is creating attractive opportunities for strategic and financial buyers in the waste management sector.
Read more here
What We’re Reading
Waste Connections Buys Lewis Clark Recycling
Waste Connections, The Woodlands, Texas-based waste services company, bought Harrisburg, Illinois-based Lewis Clark Recycling Disposal from Ironwood Capital. The acquisition adds an established solid waste platform with a demonstrated M&A strategy to the Waste Connections network. Jeff Kendall, managing director of Laurel Mountain Management and CEO of Lewis Clark stated, “We worked closely with Dickson and the Ironwood Environmental Services team to execute on a buy-and-build strategy for Lewis Clark. Over the past two years the company has completed several tuck-in acquisitions resulting in an expanded geographic footprint, as well as construction of a new transfer station facility.”
Read more here
Clean Earth to Be Acquired by Harsco
Harsco, a Camp Hill, PA-based engineered products and services company, has agreed to acquire Clean Earth, a Hatboro, PA-based waste processing company, from Compass Group Diversified Holdings, for $625m. Clean Earth currently maintains a portfolio of more than 200 scarce and difficult-to-replicate permits with a 100% permit renewal success rate, to date. In 2019, the company is expected to generate about $300m of revenue and approximately $65m of adjusted EBITDA.
Read more here
Oxford Cold Storage Acquired by Emergent Cold
Emergent Cold and Oxford Cold Storage announced on May 28th that they have signed an agreement under which Emergent Cold will acquire Oxford Cold Storage. This acquisition complements the broader Emergent Cold strategy of creating a global network of cold chain businesses. Paul Fleiszig, Oxford’s operations and marketing director commented “This is a very exciting time for the Oxford business. The Emergent acquisition provides our staff with increased opportunities and career development. It will also provide for the opportunity to service clients across Emergent’s substantial geographical footprint and to increase our service offerings.”
Read more here
Public Comparables - Market Performance
Public Comparables 5-Year Price Index (‘14-’19)*
Public Comparables TEV/LTM EBITDA (‘14-’19)*
- As of June 3, 2019.
- Source: FactSet
Public Comparables - Index
Information included in this industry update was sourced from Factset.
The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: firstname.lastname@example.org). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.