Pegasus Capital LLC, an affiliate of Pegasus Capital Advisors L.P., and Intersection LLC have announced the creation of Re Community Holdings, LP (ReCommunity), a new entity formed in partnership with MissionPoint Capital Partners LLC, HarbourVest Partners LLC and Ares Capital Corp. The newly formed entity follows the closing of the acquisition of select recycling assets of FCR Inc., a wholly-owned subsidiary of Casella Waste Systems Inc.
The Venture Capital (VC) firms acquired FCR’s assets for $134.1 million in gross proceeds, including an estimated $3.7 million working capital adjustment.
The assets acquired include FCR recycling assets located outside Casella’s core operating region of New York, Massachusetts, Vermont, New Hampshire, Maine and northern Pennsylvania. They include 17 material recycling facilities, 1 transfer station and certain related intellectual property assets.
The newly named company will serve as a strategic platform focused on recovering, recycling and repowering communities across the country.
The new company will be led by James Bohlig, former senior vice president and director of Casella Waste Systems; Paula Calabrese, director of Strategic Planning for Casella; and Sean Duffy, president of FCR, who managed all of Casella's FCR Recycling Operations.
"The core of our strategy is to continue and expand our record of long-term community partnership and work together towards a more fiscally and environmentally sustainable future" says Bohlig. "We believe that our deep community relationships, combined with unique intellectual property, a proven and passionate management team and the necessary capital for growth are a winning combination in the marketplace."
"By forging private-public partnerships with the communities we serve, we will help lead the new economy with new jobs and growth," says Duffy, who will be president and CEO of ReCommunity. “Community behavior has local and global implications, and we see the future of America's communities as clean, independent, resilient and maximizing the use of their own resources. Our team deeply believes in sustainability, community partnerships and job creation, and we're excited to see this vision come to fruition."
"ReCommunity is the latest demonstration of our commitment to developing successful companies and technologies that address the real issues of scarce resources facing our economy," says Craig Cogut, managing partner and founder of Pegasus Capital Advisors, L.P., who will serve as the new company's chairman. "With an exceptional leadership team, solid business fundamentals and groundbreaking intellectual property, this new company is well positioned to solve problems all of our communities face. We look forward to working together with them and all of our talented partners at Intersection, MissionPoint, HarbourVest and Ares to significantly transform not only how America recovers waste, but how our country views its potential."
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