Whitecap Enterprises sells a waste portfolio company

Warrenton, Virginia-based Whitecap Enterprises has announced the sale of Whitecap Waste Holdings LLC, a West Virginia solid waste disposal company established in 2019.

Omaha, Nebraska-based law firm Kutak Rock represented New York-based private equity investor Firmament Group as the purchaser of 100 percent of the equity interest in Whitecap Waste.

“Our vision for this venture, driven from our deep West Virginia relationships and industry experience, allowed us to build an incredible, regional company," says Jeff Shiring, managing partner of Whitecap Enterprises. "As we exit this project, I would like to thank our investors and key members of our team who helped us achieve our goals.”

Shiring says Whitecap Waste founding member Barry Peck, who died last year, was a key contributor to the company, as was investor Tim Kyle.

“When the chips were down, and at a critical moment in time, Tim reached into his own pocket to fund an acquisition so that the transaction could close on time,” says Shiring. “We also have a deep appreciation for all our investors who trusted us with their invested capital. We wouldn't be here today without their support.

“While we are all thrilled with the sale, we are also saddened to be leaving a market we know so well. As with any good story, one chapter has ended but a new one begins. We look forward to pursuing other solid waste opportunities.”

Whitecap Waste operates waste services and facilities in Beckley and Oak Hill, West Virginia, offering service to residential, business and construction and demolition (C&D) customers. It services more than 30,000 customers in West Virginia. 

“This investment from Firmament reaffirms the hard work and dedication of the entire Whitecap Waste team,” says Whitecap Waste President Michael Schmidt, who has remained in that role postacquisition. “We are excited about the possibilities this partnership brings, and we look forward to advancing our mission of building a great company and while continuing to provide superior service to our customers.”

It is Firmament Group's eighth platform investment in environmental services since its inception.

“We are excited to partner with Whitecap Waste, one of the leading platforms in the solid waste space,” says Brian Peters, principal at Firmament. “Together, we are committed to providing quality service and supporting growth.”

“West Virginia is an underserved waste market which stands to benefit from our investment," adds Andy McNeill, operating partner at Firmament. "Through our partnership, we strive for operational excellence and aim to drive continued growth in the solid waste industry.”

From 2014 until 2020, Firmament was a part owner of Arkansas-based organics diversion and processing company Denali Water Solutions. Firmament and Denali owner-operators, including McNeill, sold their interest in Denali to San Francisco-based equity fund TPG Growth in 2020.