Valet Waste prepares for growth under new ownership

The private equity group of Ares Management LP, Los Angeles, and Harvest Partners LP, New York, have announced that funds managed by each have acquired Valet Waste, Tampa, Florida, from investment funds affiliated with New Mountain Capital LLC, New York. Terms of the transaction were not disclosed.

Valet Waste is a leading national provider of value-added amenity services to the multifamily housing industry. Valet Waste provides five nights-per-week doorstep waste and recycling collection for more than 400 management companies and owner groups servicing more than 665,000 units across 34 states. The company also offers complementary maintenance services to the multifamily housing industry including nightly maintenance, apartment cleaning, apartment turns and porter services through its Maintenance Plus offering, which launched in 2014.

Shawn Handrahan, president and CEO of Valet Waste, says, “New Mountain Capital has played a vital role in growing Valet Waste during its ownership period—and we thank them for a very successful partnership.”

He continues, “With the growth opportunities in front of us, this is an opportunity to take the next step and further our position as a market leader in amenity and maintenance services to the multifamily housing industry. We look forward to working with our new partners at Ares and Harvest as they share our vision for long-term growth.”

Valet Waste’s recycling services accept paper and old corrugated containers (OCC), milk and juice cartons, plastic containers Nos. 1-7, steel and aluminum cans, empty aerosol cans, bottles and jars. The company says these items can be mixed together in the same provided blue bags as the single-stream recycling is later separated at a material recovery facility.

“Valet Waste is a leader in its industry, with a longstanding track record of delivering high-quality service to its customers and providing a top-rated amenity to residents,” says Matt Cwiertnia, partner in Ares Management. “We are excited to partner with the Valet Waste management team and look forward to supporting the company in its next phase of growth.”

Michael DeFlorio, senior managing director of Harvest Partners, adds, “We are delighted to join Ares and the senior management team as long-term investors in the company. Shawn and his team have built a truly unique business that provides exceptional value to customers and residents. We are excited to invest alongside this first-class team to build upon Valet Waste’s leadership position in the market and expand services more broadly across the multifamily housing industry.”

“It was a pleasure to work with the Valet Waste management team as they defined the market, built their business and achieved significant sustainable growth,” says Bert Notini, managing director of New Mountain Capital. “We wish Valet Waste continued success in its next stage of expansion.”

Proskauer Rose LLP acted as legal advisor to Ares Management and Harvest Partners. White & Case LLP acted as legal counsel to Harvest Partners. Robert W. Baird & Co. acted as a financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Valet Waste.