Equity Fund Invests in Toronto Recycler

"Whitecastle's partnership with Turtle Island provides us with an entry point into Canada's largest market for environmental services," Whitecastle Managing Director Carey Diamond says. "We view this industry sector as having considerable growth opportunities and we look forward to working with the company's management team to continue to grow Turtle Island into one of Canada's foremost environmental services enterprises.

Whitecastle Managing Director Elmer Kim praised Turtle Island’s Ted Manziaris and Louis Anagnostakos, the company’s co-founders.

Turtle Island, a recycling and waste management company in the Greater Toronto area, provides non-hazardous solid waste and recycling collection services to commercial and industrial and residential customers. The company also owns and operates a transfer station and material recovery facility located in downtown Toronto.

Manziaris and Anagnostakos founded the company in the early 1990s and will continue in their current management roles with the company. Steve Brown will join them as chief financial officer. Most recently Brown was an executive-in-residence at Whitecastle and previously a co-founder and CFO of Cineplex Galaxy Income Fund.

The National Bank of Canada provided the bank financing for Whitecastle’s investment. National Bank of Canada has become Turtle Island's banker and provides the company with a working capital facility.

"We believe that Turtle Island's new partnership with Whitecastle will allow us to continue to grow the company as opportunities present themselves in the growing and constantly changing environmental services sector,” Anagnostakos says.

"The expertise and financial capital Whitecastle provides will ensure that Turtle Island is leading the charge in this industry," Manziaris says.