CORRECTION: An earlier version of this story incorrectly stated that Roark Capital Group owns Waste Pro USA. Waste Pro USA is 100% privately owned.
- Solterra Recycling Solutions, formerly Central Jersey Waste and Recycling, has refinanced its credit facility with Monroe Capital. The New Jersey-based hauler handles non-hazardous solid waste, organic waste, and recyclables.
- The company currently services more than 30 municipalities, 400,000 households and 2,000 commercial clients in New Jersey and the Philadelphia area.
- Under the leadership of CEO Ed Apuzzi and COO Joe LoVerde — both formerly in charge of northeast operations for Progressive Waste Solutions — Solterra plans to win new collection contracts and complete acquisitions for further growth.
This transition began in 2014, when Apuzzi and LoVerde teamed with a private equity firm to acquire Central Jersey Waste and Recycling for an undisclosed amount. Prior to the acquisition, Central Jersey Waste had been active with organics collections in the state. Now in its new form as Solterra, the company may be even better positioned to take advantage of the state's growing market for organics collection. The new refinancing deal will also allow Solterra to remain competitive as national companies become increasingly larger through acquisitions.
"With the refinancing behind us, we now have the resources in place to expand Solterra’s superior service model and environmentally friendly solutions throughout the region," LoVerde said in a press release.
Company restructuring, mainly fueled by mergers and acquisitions, is happening at a rapid pace across the industry. In the past few weeks Advanced Disposal and Waste Management both completed acquisitions. The industry is also patiently awaiting for Progressive Waste and Waste Connections to close their pending merge, which will make it the number three largest waste company in North America.