NEW YORK, Jan. 24, 2011 /PRNewswire/ -- Pegasus Capital,
LLC, an affiliate of Pegasus Capital Advisors, L.P., and
Intersection LLC announced today that CE Holdings, a new company
formed in partnership with MissionPoint Capital Partners LLC,
HarbourVest Partners LLC, and Ares Capital Corporation, has reached
a definitive agreement with Casella Waste Systems, Inc. (Nasdaq:
CWST), a regional solid waste, recycling and resource management
company, to acquire select recycling assets of FCR. CE
Holdings will serve as a strategic platform focused on the recovery
of waste and community resources, and transforming refuse into
value-added recycled products.
Leveraging the assets and intellectual property purchased from
Casella, CE Holdings intends to build a market-leading company that
recovers valuable commodities from the waste stream and converts
them into useful products including recycled commodities,
low-carbon energy, engineered feedstock, bio-fuels and other
value-added recycled products. The company will help empower
communities to use their own resources to generate revenue to
create new jobs, fund budget short falls, and reduce their carbon
footprint.
As part of the acquisition, CE Holdings will secure
ground-breaking intellectual property which includes patents and
publications related to the use of optical sorting for material
characterization in recycling streams, Material Recovery Facility
(MRF) automation, and the production of engineered feedstock from a
waste stream. In the future, this technology will allow CE Holdings
to take full waste streams, separate recyclables, and transform
remaining waste into marketable products.
"Looking forward, we have the chance to revolutionize the waste
management and recycling industry," said Jim Bohlig, CE Holding's CEO. "The ability to
accept full waste streams and engineer valuable products from
refuse will change the way we all think about waste."
FCR's current senior management team will continue to run
operations post-acquisition. They are market-leading
executives with the expertise and experience to provide holistic
and customized solutions for communities nationally.
Presently, FCR designs, builds and operates material recovery
centers to service the recycling needs of municipal and hauling
partners across the Eastern United
States. They operate 18 facilities in nine states,
recovering and returning to market nearly one million tons of
recovered commodities each year. The facilities have a strong
track record of developing sustainable, long-term private-public
partnerships with the communities they serve.
"The opportunity to positively impact the communities we serve
is the reason we exist," said Sean
Duffy, the President and Chief Operating Officer of CE
Holdings. "We see the future of America's communities as clean,
independent, resilient, and maximizing the use of their own
resources. Our team is energized and focused on serving our
communities with a combination of innovative technology and 25
years of experience."
"CE Holdings is the latest demonstration of our commitment to
developing successful companies and technologies that address the
real issues of scarce resources facing our economy," said
Craig Cogut, Managing Partner and
founder of Pegasus Capital Advisors, L.P., who will serve as
Chairman of the new Company. "This acquisition will allow us to
build on an exceptional management team and solid business
fundamentals. We look forward to working together with them and all
of our talented partners at Intersection, MissionPoint, HarbourVest
and Ares to take greater advantage of truly dramatic IP to
significantly transform not only how America collects and utilizes
waste, but how our country views its potential."
The group of investors, led by Pegasus Capital Advisors and
MissionPoint Capital Partners will actively support the company and
provide access to a significant amount of capital to facilitate the
company's growth strategy. In addition to Pegasus and
MissionPoint, HarbourVest Partners LLC, and Ares Capital
Corporation, provided capital to complete the deal.
About Pegasus Capital Advisors, L.P.
Pegasus Capital Advisors, L.P. is a U.S.-based private equity
fund manager that provides creative capital and strategic solutions
to middle market companies across a variety of industries. The firm
creates values from buying right and building businesses over
time.
Established in 1995, Pegasus currently manages approximately
$2.0 billion in assets through
several private equity funds and has made more than 80 investments
since its inception, generating very attractive risk adjusted
returns. The firm employs over 60 uniquely talented investment and
advisory professionals that work out of main offices in
Cos Cob, CT and New York, NY, as well as several satellite
locations. More information on Pegasus can be found at
www.pcalp.com.
About Intersection, LLC
The CE Holding opportunity and strategy was identified and
developed by Intersection. Intersection is a unique business
development and investment company whose focus is on generating
seminal events (e.g. large strategic sales and
alliances, shifts in public policy, business model transformations,
and the acquisition of companies that are not for sale). These
seminal events often create meaningful equity value and accelerated
market growth and recognition. Intersection is committed to
initiatives that have positive societal impact, which by their
nature, attract exceptional people, ideas and opportunities.
Intersection's market focus is on the sustainability of the
environment and human health. For more information about
Intersection, please see www.intersectionpartners.com.
About MissionPoint Capital Partners
MissionPoint Capital Partners is a leading private investment
firm focused on financing the global transition to a low-carbon,
sustainable economy. MissionPoint provides growth capital to
energy, industrial and financial services companies that enable
cleaner, more sustainable energy, transportation and industrial
infrastructure. For more information visit
www.missionpointcapital.com.
About HarbourVest Partners, LLC
HarbourVest Partners, LLC is an independent global private
equity firm that invests in buyout, venture capital, mezzanine
debt, and distressed debt through primary partnerships, secondary
purchases, and direct investments in companies. Investors in
HarbourVest's funds include more than 350 institutional investors,
including pension funds, endowments, foundations, and financial
institutions throughout the U.S., Canada, Europe, Australia, Latin
America, and Japan. HarbourVest and its
subsidiaries have more than 230 employees, including more than 70
investment professionals deployed in Boston, London, and Hong Kong. In
over 28 years of investing in private equity, the team has invested
$4 billion directly in operating
companies, committed more than $22
billion to newly-formed funds, and completed over
$7 billion in secondary
purchases.
About Ares Capital Corporation
Ares Capital (Nasdaq: ARCC) is a closed-end, non-diversified
management investment company that has elected to be regulated as a
business development company under the Investment Company Act of
1940. With offices in Atlanta,
Chicago, Los Angeles, New
York and Washington, D.C.,
Ares Capital is a specialty finance company that provides
integrated debt and equity financing solutions to U.S. middle
market companies. Ares Capital invests primarily in first- and
second-lien loans and mezzanine debt, which in some cases includes
an equity component. To a lesser extent, Ares Capital also makes
equity investments. Ares Capital is externally managed by Ares
Capital Management LLC, an affiliate of Ares Management LLC, a
global alternative asset manager and a Securities and Exchange
Commission registered investment adviser. As of December 31, 2010, Ares Management LLC had
approximately $39 billion of
committed capital under management. For more information, visit
www.arescapitalcorp.com.
SOURCE Pegasus Capital Advisors, L.P.