Asset Management has acquired US waste hauling and recycling firm DTG Recycle.
Macquarie said one of its funds has acquired the non-municipal solid waste recycling business in Washington State from its current owners without disclosing any financial details.
Clairvest, which acquired a stake in DTG in January 2020 by investing $28.9m (€27m) via the Clairvest Equity Partners V fund (CEP V) and the CEP V Co-Invest funds, said it expects to receive $53.2m from the sale of its stake.
IPE Real Assets understands that DTG executives will retain a 15 to 20% stake in the business and Macquarie is expected to pay around $300m for its majority stake.
Macquarie said Tom Vaughn will continue as DTG’s chief executive officer, and founder and president Dan Guimont will become chief development officer. Both Vaughn and Guimont will be members of the board of managers of DTG and will retain a stake in the company alongside Macquarie.
Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “DTG’s leadership in non-municipal solid waste recycling and focus on a diversion-led business model positions it well to meet the sustainability expectations of the communities in which DTG operates.”
“This partnership will help us continue to advocate for increased diversion of recyclable non-MSW (municipal solid waste) materials out of landfills and support our communities’ sustainability goals,” Vaughn said.
“I am proud of the more than 500 employees of DTG who make a difference every day in the communities in which we operate. “It is particularly pleasing to see DTG make this transition into its next stage of growth,” Guimont said.
Formed in 1999, DTG has a network of collection assets, including more than 3,900 containers and a fleet of over 270 vehicles, 12 materials recovery facilities across the Puget Sound region and a landfill.
Michael Castellarin, managing director at Clairvest, said: ”We are honoured to have been partners in DTG’s success since 2020 and we are excited for DTG to continue its growth in the evolving environmental services landscape in the Pacific Northwest.”
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