Dive Summary:
- Waste Services Industries has purchased three recycling and waste collections businesses in New Jersey and two landfills and a trash collection facility in Virginia, with an additional agreement to purchase a recovery plant and transfer station in New Jersey.
- David Sutherland-Yoest founded Waste Services Industries LLC to acquire the businesses from Elizabeth, New Jersey-based Regional Industries LLC, who sold the New Jersey properties, and CFS Group LLC of Petersburg, Virginia, who sold the Virginia properties. The company can now generate over $60 million in revenue annually.
- Sutherland-Yoest is back in the waste business for the first time since his time as CEO of Waste Service Inc. before it was acquired by Progressive Waste Solutions. Sutherland-Yoest has been in the waste business for 30 years.
From the article:
The new company, through its landfills, "has an opportunity to grow its collection, recycling, transfer and disposal business throughout the entire Mid-Atlantic region, which would include not only Virginia, but Maryland and the [Washington] D.C. area as well," Sutherland-Yoest said in the interview with Wunderlich.
The two companies merging together under Waste Services Industries bring $30 million in equity to the transaction and another $19 million in new equity was raised from private investors, Sutherland-Yoest said…
"I think there's some room for consolidation in the Mid-Atlantic. I think there's some room for consolidation between the people that are in the Northeast and the Mid-Atlantic that have struggled a little bit," he continued. "There's a lot of opportunity out there. We just needed to create a platform between the two states to set up what I think will be an interesting opportunity."