Financial

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Ironwood Capital, Clairvest invest in Boston Carting Services

Two private equity companies have invested in Star Waste, dba Boston Carting Services (BCS) LLC, a non-hazardous solid waste company based in Franklin, Massachusetts, that provides commercial, residential and roll-off collection services to Greater Boston. The company also operates a construction and demolition material recovery facility in North Andover, Massachusetts. 

Toronto-based Clairvest Group and Clairvest Equity Partners VI have made an equity investment, giving Clairvest a majority stake in the company. Additionally, Ironwood Capital, a private equity firm based in Avon, Connecticut, has recapitalized its investment in BCS in partnership with Jeff Kendall, an industry veteran who served as chairman of the board and provided acquisition and growth capital to BCS in October 2020.

“Boston is a highly attractive market, and Patsy [Sperduto, BCS president and CEO] is exactly the kind of entrepreneur that we like to back,” says Dickson Suit, an Ironwood Capital partner.

“Ironwood will retain a portion of its investment in the company as we have great confidence in Patsy,” he adds. 

“I thoroughly enjoyed working with Patsy,” Kendall says. “He’s done a terrific job scaling up BCS and has positioned it for exciting growth from here with Clairvest, another well-respected private equity firm with experience in this space.” 

Michael Castellarin, managing director at Clairvest, adds, “Having known Patsy and watched his success over the past 10 years, we are excited to now work together to build a regional leader. We are impressed by Patsy’s clear vision to grow and build on Star Waste’s position in the New England market.”

Sperduto says, “Clairvest’s partnership-oriented investment style and expertise in supporting the growth of regional solid waste companies stood out to me when deciding on the ideal equity partner for Star Waste’s next phase. Beyond capital, Clairvest brings significant experience in the waste management sector and relationships in the industry which will be instrumental in supporting our team as we grow.”