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WFCF Provides ABL in Waste Pro’s Recapitalization

October 16, 2014, 07:51 AM
Filed Under: Recycling

Waste Pro USA, Inc. has completed a $579 million recapitalization of the Longwood, Florida-based company, according to CFO and Vice President Cort Sabina.

The new credit facility for the 11-year-old firm is all debt, which included an asset-based loan (ABL) revolving line of credit led by Wells Fargo Capital Finance a division of Wells Fargo Bank, N.A.

 "It is important to Wells Fargo that we provide our customers with the financial flexibility and services to meet their business needs," said Regional Sales Manager, Howard Kim. Additionally, Stifel Nicolaus & Company, Inc. served as Financial Advisor and Placement Agent to Waste Pro.

Waste Pro Chairman and CEO John J. Jennings stated, "Today we executed a business transaction that creates the platform to launch our next decade of growth. We are excited and very proud of our financial performance and the delivery of premium service to more than two million public and private customers."

This transaction also completes and fulfills the terms of Waste Pro's five-year $100 million investment by Atlanta-based Roark Capital Partners.

Private ownership is a competitive advantage and makes Waste Pro particularly unique in its ability to expand operations and sustain consistent financial growth in a strategic manner.  The overall growth of Waste Pro has been systematic and strategic resulting in constantly gaining market share.

Waste Pro is one of this country's fastest growing privately owned waste collection, recycling, processing and disposal companies, operating in eight southeastern states.  Serving more than two million residential and commercial customers from over 75 operating locations, Waste Pro is headquartered in Longwood, Florida, and maintains more than 178 exclusive municipal contracts and franchises.  Waste Pro had 2013 revenues of $510 million in its eight-state Southeastern United States footprint. 

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