Ares Management LP (NYSE: ARES) and Harvest Partners LP have acquired waste management services company Valet Waste from New Mountain Capital. Financial terms were not disclosed.
Valet Waste, based in Tampa, Florida, provides trash and recycling pickup collection. In addition, the target also offers maintenance and cleaning services to apartment and multifamily complexes.
“New Mountain Capital has played a vital role in growing Valet Waste during its ownership period,” says Valet Waste CEO Shawn Handrahan. New Mountain invested in Valet Waste in 2007 from Charterhouse Group, as part of its purchase of Oakleaf Global Holdings Inc. New Mountain sold Oakleaf to Waste Management Inc. in 2011, but held on to Valet Waste.
Robert W. Baird & Co. and Fried Frank Harris Shriver & Jacobson LLP advised Valet Waste. Proskauer Rose LLP represented Ares and Harvest. White & Case also advised Harvest.
In another recent waste management deal, medical waste management company Stericycle Inc., agreed to buy document-destruction provider Shred-It International Inc. for $2.3 billion.
Earlier in 2015, Ares purchased Kayne Anderson Capital Advisors LP in a $2.5 billion deal.