Houston, 12 Aug 2020
Macquarie Infrastructure and Real Assets (“MIRA”), via Macquarie Infrastructure Partners II (“MIP II”), today announced that an agreement has been reached to sell WCA Waste Corporation (“WCA”) to GFL Environmental, Inc. (“GFL”), a leading North American provider of diversified environmental solutions. MIP II is a closed-end fund that is nearing the end of its fund term.
Founded in 2000, WCA provides solid waste collection, transfer, disposal and recycling services across 11 states in the Southeast and South-Central United States. MIP II acquired WCA through a take private transaction in 2012, and since that time has supported WCA’s growth and operational improvements. Over the course of MIP II’s ownership, WCA executed on a business plan including the strategic divestiture of non-core assets to allow redeployment of capital to accretive core market opportunities, completing over 35 acquisitions during MIP II’s ownership.
WCA has also significantly increased its focus on ESG over MIP II’s ownership, and in 2018, published its first annual Sustainability Report, comprised of a comprehensive plan including CNG fleet expansion, leachate management, and other initiatives developed in conjunction with MIRA.
Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “During our approximately eight-year investment, WCA has grown to become one of the leading vertically integrated solid waste companies in the US. Working alongside the management team at WCA, we are proud to have supported the company in its mission to provide safer, more efficient and sustainable environmental solutions to its more than 700,000 customers.”
Bill Caesar, CEO of WCA, said: “Today marks a new chapter and a continuation of WCA’s story of growth. Over MIP II’s ownership, WCA has grown significantly, while also professionalizing the business, investing in people and systems to support our growth and to improve administrative and operational efficiency. I am very grateful to everyone in our WCA family and extraordinarily proud of the company that we have built together.”
The sale agreement is subject to customary closing conditions including regulatory approval and is expected to reach completion in the fourth quarter of 2020.
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than 25 years, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. At 31 March 2020, MIRA managed approximately $US132 billion in assets that are essential to the sustainable development of economies and communities, including; 151 portfolio businesses, approximately 500 real estate properties and 4.8 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 15,849 people in 31 markets. At 31 March 2020, Macquarie had assets under management of $US367.7 billion. For further information, visit www.mirafunds.com.
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