GPB Capital Buys Stakes in Two NYC Waste Management Companies
GPB Capital, a New York-based asset management firm, has acquired stakes in two New York City waste management companies, Joe Morea & Sons Private Sanitation Inc. and Staten Island Carting Inc. GPB also plans to merge the two companies into Five Star Carting Inc., a GPB portfolio company.
“The acquisitions of these established, income-producing companies serve as a vital next step toward our goal to strengthen our presence in the New York City waste management sector and become a larger acquirer in this space,” said David Gentile, founder and CEO of GPB Capital.
Joe Morea & Sons was founded in 1982 and provides municipal solid waste and cardboard hauling services to residents of Brooklyn and the surrounding areas. GPB said that the waste management company will likely divert nearly 1,000 tons of municipal solid waste per month to another GPB portfolio company, Citygreen Organics.
Staten Island Carting is a hauling company which currently operates five trucks that process approximately 815 tons of municipal solid waste and 165 tons of recycling per month in Staten Island. GPB’s investment allows company to transition to front-end loading trucks, which reduces operational costs and the number of workers required per truck.
GPB Capital focuses on buying income-producing companies in necessity-based sectors, including waste management, through M&A deals and special situations. The company has more than $1.2 billion in assets under management and has acquired or invested in more than 100 portfolio companies.
