Waste Management has sold the solid waste operations unit in Puerto Rico to a team led by Post Capital Partners and 30-year waste management industry veteran Randy Jensen.
Following the transaction, Waste Management will remain an investor in the new company, which is called EC Waste.
Banco Popular de Puerto Rico provided debt financing for the transaction.
The transaction also includes landfill and hauling operations in Alabama. Terms of the transaction were not disclosed.
EC Waste has fully integrated operations that include four hauling operations, two transfer stations and three landfills. The landfill facilities include two of the island’s three Subtitle-D landfills. EC Waste will be headquartered in Humacao, with major facilities in San Juan, Caguas, Peñuelas, Humacao, and Mayagüez.
EC Waste chief executive officer Randy Jensen, said, “EC Waste has a talented and seasoned workforce, and we anticipate increasing employment opportunities in Puerto Rico as EC Waste invests in growth initiatives.”
“An important element of the sales process was finding a new ownership team that understands the waste management industry from the bottom up,” said Waste Management’s vice president of Supply Chain, David McConnell. “We are pleased to participate as investors in EC Waste and look forward to working with the new ownership team.”
Randy Jensen has proven track record of working with both customers and employees to deliver high-quality waste management services. He has previously successfully partnered in the solid waste industry through an investment in American Disposal Services (ADSI), which went public in 1996 and was later sold to Allied Waste.
Jensen, an executive partner with Post Capital, worked closely with Post Capital’s investment team to identify and structure the EC Waste transaction.