Advanced Disposal Services, Inc.
Advanced Disposal Services, Inc. is a regional solid waste company providing integrated, non-hazardous solid waste collection, transfer, and disposal services in the Southeastern U.S.
PORTFOLIO STORY
How We Partnered
Transaction Dynamics
A partnership with management to provide growth equity to fund a series of acquisitions.
Investment Thesis
- Strong management team led by seasoned entrepreneur in the solid waste industry
- Platform business with a well-defined growth strategy including vertical integration and multiple acquisition targets
- High barriers to entry due to limited number of permitted landfills
- Favorable market conditions in Southeastern US including privatization of county owned landfills
- “Reverse” distribution business with opportunity to become leader in its markets
- Opportunity to leverage prior investment experience in the waste industry
Incline Value Enhancement
- Completed 47 acquisitions to become a top 3 market leader in Atlanta, Jacksonville and East Alabama
- Opened Eagle Point Landfill; built out Alabama market; stabilized Atlanta market
- Achieved Revenue Compound Annual Growth Rate (CAGR) of 51.6% over three years thru both acquisitions and organic growth initiatives
- Grew EBITDA from $1.1mm in 2002 to $42.6mm at exit
- Sold to AIG Highstar in 2006
HEADQUARTERS
Jacksonville, FL
STATUS
Realized
INDUSTRY
Value-added Distribution
INVESTMENT DATE
September 2002