A new ownership team led by Post Capital Partners and 30-year waste management industry veteran Randy Jensen has acquired the solid waste operations of Waste Management Inc. in Puerto Rico, for an undisclosed amount.
Waste Management will remain an investor in the new company, which is called EC Waste, executives announced Thursday. The transaction also includes landfill and hauling operations in Alabama.
EC Waste has fully integrated operations that include four hauling operations, two transfer stations and three landfills in Puerto Rico. 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.
“We are pleased to continue working with our industrial and commercial customers as well as our major municipal customers in San Juan, Caguas, Humacao, and Mayagüez to provide high quality, environmentally sound services,” said EC Waste Chief Executive Officer Randy Jensen.
“EC Waste has a talented and seasoned workforce, and we anticipate increasing employment opportunities in Puerto Rico as EC Waste invests in growth initiatives,” he said. “At the same time, we will focus on simplified invoicing and enhancing the customer experience, while providing additional resources focused on expanding our relationships with existing customers and attracting new customers.”
“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.”
Banco Popular de Puerto Rico provided debt financing for the transaction.