Frontier Waste Solutions, a Texas-based hauler, has sold a majority stake to two private equity firms.
On Monday, Summer Street Capital Partners and Concentric Equity Partners announced an unspecified investment to help the company continue a period of rapid growth in multiple Texas markets.
“The managers and founders of Frontier remain significant owners and are excited for this next phase of growth and development including further vertical integration and materials processing,” said founder and CEO John Gustafson in a statement. “The long-term development of our employees and delivering exceptional service to our customers in a safe and efficient manner were the primary consideration in selecting a partner.”
Gustafson’s prior career includes a long stint at IESI — which later became Progressive Waste Solutions, before that company was sold to Waste Connections — as well as WM. Frontier has 480 employees and 14 operating locations throughout the state. It provides solid waste and recycling collection services to customers in markets including Houston, Dallas-Fort Worth, San Antonio, Austin, Corpus Christi and Texoma.
Frontier started in 2017 with the acquisition of two companies, Access Disposal Services and K2 Waste Solutions. Those initial transactions were done in connection with two other private equity firms, Blue Sage Capital and Trailcreek Capital Group. In 2019, Frontier reported acquiring five more companies as well as select assets from Waste Connections. The company also has expanded in conjunction with receiving multiple municipal contract awards over the years.
Concentric has prior experience in the waste sector, though Summer Street is the more active of the two in the industry. Some of the firm’s most notable, current waste investments include the fast-growing, New Jersey-based Interstate Waste Services and Florida-based Coastal Waste & Recycling.
"Customers and employees will all enjoy the same reliable service and excellent support Frontier is known for, while we continue to expand the service area, vertical integration and overall infrastructure development," said Summer Street partner Mike Petri in a statement.