Summer Street Capital Partners LLC has closed a continuation fund transaction, continuing Summer Street’s control ownership in Coastal Waste & Recycling Inc., and reaffirming its commitment to supporting the its long-term growth strategy.
Summer Street partnered with PA Capital to form a Summer Street managed single-asset continuation fund that includes substantial additional capital to support Coastal’s organic and M&A growth strategy. The fund is capitalized primarily by funds managed by PA Capital and co-investors, Glouston Capital Partners, and Unigestion. Coastal remains a portfolio company of Summer Street with no change in control. Summer Street’s leadership team also expanded its investment commitment to the new continuation fund.
Coastal is an integrated waste services company providing waste collection, processing, and recycling services to residential, municipal, industrial, and commercial customers throughout Florida and expanding in the Southeast region.
“With a talented, energetic team and substantial long-term growth opportunity in front of Coastal, it was a natural next step to raise additional capital,” commented Brian D’Amico, managing partner at Summer Street Capital. “The new fund provides Coastal the capital and time to continue its growth. We are excited to continue to support Coastal and help the leadership team capitalize on the many opportunities that exist for the company.”
“Since we started the company a few years ago, Coastal has established itself as a leading independent waste services company in Florida. Summer Street’s deep industry experience and support has allowed us to build a strong platform focused on providing exceptional service for our customers,” said Brendon Pantano, CEO of Coastal. “I look forward to continuing the partnership and further accelerating Coastal’s growth organically and through acquisition.”
managing director at PA Capital, Michael Zeleniuch stated, “We believe Summer Street has a strong 20-year track record of building leading regional solid waste platforms. We are excited to partner with Summer Street and the Coastal Waste team as they continue to build lasting value in the platform.”
Sixpoint Partners served as Summer Street’s exclusive financial advisor on the transaction.