Kinderhook Industries has acquired Arkansas-based CARDS Recycling in a transaction the private equity firm described as a recapitalization. Financial details were not disclosed.
CARDS — launched in 2017 by CEO Dan Christensen — currently operates in Arkansas, Kansas, Missouri, Oklahoma and Texas. The company provides collection service for over 30 municipal contracts and has an estimated 26,000 residential subscription, commercial and industrial customers. The company also runs multiple transfer stations in the region, operates a portable restroom business and has been developing a recycling facility, according to Waste Today.
"I founded CARDS with a simple mission — become the Mid-South solid waste market leader providing best-in-class customer service," said Christensen in a statement. "We are very excited to team up with Kinderhook as a capital partner with their depth of resources and experience in the environmental services space.”
Christensen’s career includes a stint at Republic Services and previously creating a company, DC Trash, in Dekalb County, Illinois. LRS acquired DC Trash in 2017.
CARDS, which initially stood for Central Arkansas Recycling and Disposal Services, has grown quickly through multiple acquisitions since its launch in late 2017. Recent examples include the 2022 purchases of America’s Best Portable Service and Sooner Roll-Off.
In its announcement, Kinderhook previewed “significant expansion opportunities” for CARDS in a region where multiple companies have recently been active with M&A.
"The market dynamics of the Mid-South region are incredibly appealing," said Sam Keenan, a principal at Kinderhook, in a statement noting regional population growth and business expansion. “We plan to hit the ground running and anticipate rapidly deploying capital alongside Dan to grow the team and invest in collection and post-collection infrastructure."
This is the latest of many waste and environmental services acquisitions backed by Kinderhook. The firm’s solid waste-focused portfolio currently includes companies such as Capital Waste Services, EcoSouth Services, Gold Medal Environmental and Live Oak Environmental.