Long Island Waste Services (“LIWS” or the “Company”), a Terramont Infrastructure Partners (“Terramont”) portfolio company, announced today that it has completed a business combination transaction with National Waste Services (“NWS”). Since its inception in 2020, through its outstanding service and attention to customer needs, LIWS has experienced remarkable growth to become one of Long Island’s leading companies in the commercial waste industry. Its businesses include efficient waste collection, the operation of state-of-the-art transfer stations, material processing, and the recycling of commodities such as cardboard, paper, metals and construction materials. Founded in 2001 by the Leone family, NWS similarly has an excellent reputation as a dedicated full-service provider of collections, disposal and recycling services for commercial, municipal and residential customers, operating in a shared footprint with LIWS in the Nassau and Suffolk counties of Long Island.
LIWS has a strong and experienced management team, led by Anthony Avellino, President and CEO, who has led the Company’s significant growth and expansion over the previous five years and will continue in his current role at the combined company. Anthony commented, “We have invested significant capital into the LIWS platform, which strongly positions the Company for this truly transformative transaction. We’re excited to embark on LIWS’ next chapter as a combined company with NWS.”
Joseph Leone, CEO of NWS, commented “The two companies share a similar commitment to their customers and the same ideals for company culture. The NWS sales team and operations personnel will remain, ensuring the same high level of service that its customers have come to expect.” The combined company will operate under both the Long Island Waste Services and National Waste Services names. Joe will join the Company’s senior leadership team and with his family members retain an ownership stake in the combined company.
Chris Pih, Partner at Terramont, said, “We are delighted to support Anthony and the entire LIWS team in this milestone transaction. This combination exemplifies our shared strategic vision to build an industry-leading waste management platform through disciplined consolidation.”
“The Company’s continued growth and performance are a testament to the talented LIWS leadership team and Terramont’s value creation strategy in action,” added Michael Lehman and Vikram Singh, Co-Managing Partners at Terramont.
Environmental Services Investors, a co-investor in LIWS, and its principal, Dickson Suit, served as advisor for LIWS. Comerica Bank, Tecum Capital Partners, Patriot Capital, and Colbeck Capital provided debt financing for the transaction. Certilman Balin Adler & Hyman LLP served as legal counsel to LIWS; K&L Gates LLP served as legal counsel to Terramont; Cole Schotz P.C. served as legal counsel to NWS.
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