Updated: Long Island Waste Services receives equity fund investment

Long Island Waste Services LLC (LIWS) has received a "significant" equity investment from New York-based Terramont Infrastructure Partners LLC.

LIWS, founded in 2020 in Islandia, New York, offers waste and recyclables collection services and operates transfer stations and a materials recovery facility (MRF), while Terramont is a North American middle-market-focused infrastructure investment firm.

“We have invested significant capital into the LIWS platform, and the company is now well positioned for continued growth,” LIWS President and CEO Anthony Avellino says. “We are excited to be entering the next stage of our development with Terramont and Dickson Suit of Environmental Services Investors (ESI), who acted as our advisor throughout the transaction.”

LIWS credits Avellino for having been instrumental in the company’s growth in the last three and a half years, achieved partially through acquiring several other waste management service firms.

“Terramont has been following the waste management industry very closely for the past few years and we admire the tremendous success LIWS has had in such a short period of time," says Chris Pih, a partner at Terramont along with Michael Lehman and Vikram Singh. "Anthony and the LIWS team have done an incredible job in transforming LIWS into a state-of-the-art waste management company with the ability to collect and utilize real-time route data in order to efficiently manage all aspects of the business including pricing, transportation and disposal, and personnel safety.”

In addition to Madison, Connecticut-based ESI serving as an advisor to LIWS to abet the transaction, Comerica Bank, Tecum Capital Partners and Patriot Capital provided debt financing. K&L Gates LLP served as legal counsel to Terramont and Certilman Balin Adler & Hyman LLP served as legal counsel to LIWS.

“The business has compelling fundamentals with great company culture and market reputation,” Tecum Senior Vice President Husnain Safdar says. “We’re excited about our partnership with management and Terramont and further building upon Tecum’s experience investing in waste and environmental service businesses.”

*This article was updated Aug. 23, 2024, to add comments from Husnain Safdar, Tecum senior vice president.