Tunnel Hill Partners (THP), a Jericho, New York-based full-service, nonhazardous solid waste handling company, has acquired City Carting Holding Co. headquartered in Stamford, Connecticut. The deal closed June 3, 2016.
“We are extremely excited to have closed this transaction,” says William Gay, Tunnel Hill Partners CEO. “The combination of our two companies makes us one of the largest integrated waste management companies in the Northeast and aligns perfectly with our goal of maximizing shareholder value through focus on long-term growth and stability. It provides us the opportunity to expand our service offerings to a wide customer base in attractive, dense and affluent markets. Scale benefits aside, this transaction will provide us with immediate synergies and other cost saving opportunities. We look forward to revitalizing a previously undercapitalized company through operational and capital guidance and support.
“These are assets run by great people who care deeply about the company, its customers and their communities,” continues Gay. “We are confident this combination is in the best interest of all of our stakeholders, including our employees who will benefit from enhanced growth and development opportunities as part of a larger company. Operational excellence, accountability, high customer satisfaction and deep community engagement will continue to be our top priorities.”
Anthony Farina, City Carting Holding Co. chief operating officer, says, “Today is an exciting day for us. Tunnel Hill’s interest in merging with us underscores the strengths of our employees and the dedication of our employees to customer satisfaction and community engagement. We are excited to have the support of Tunnel Hill to revitalize our operations by modernizing the fleet, improving productivity and efficiency and expanding our service offerings to become a full vertically-integrated waste management company.”
City Carting’s assets consist of collection and hauling operations for municipal solid waste, construction and demolition debris and recyclables for commercial, industrial, residential and municipal customers; four transfer stations (three in Connecticut and one in New York); one material recovery facility; and management contracts for five municipal transfer stations. In 2015, these operations generated more than $110 million in revenue and handled about 700,000 tons of material.
THP provides services including recycling, beneficial reuse, transfer and disposal to commercial and industrial customers. THP’s primary focus is on the safe transportation and disposal of various materials, with an emphasis on rail transport.
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