Solterra Recycling Solutions refinances credit facility

Solterra Recycling Solutions refinances credit facility
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Ewing, New Jersey-based Solterra Recycling Solutions, formerly Central Jersey Waste and Recycling, has completed a refinancing of its credit facility with Monroe Capital, a Chicago-based provider of senior and junior debt that has extended more than $5 billion of commitments since its founding. The new credit facility provides additional committed capital to support organic and acquisition growth initiatives.

Based in Ewing, New Jersey, Solterra provides nonhazardous solid waste, organic waste and recyclables collection and hauling services. The company serves more than 30 municipalities, 400,000 residential households and 2,000 commercial customers throughout central and north New Jersey and in the Philadelphia metropolitan area.

With the refinancing complete, Solterra says it is poised to build its density in the New Jersey market and to expand into adjacent markets by completing tuck-in and platform acquisitions and winning new collection contracts. Solterra is led by CEO Ed Apuzzi and COO Joe LoVerde, who previously ran Progressive Waste’s operations in the northeastern United States.

Apuzzi says, “Our new relationship with Monroe Capital provides us with additional resources to accelerate our organic growth, new collection contract awards and acquisitions.”

LoVerde says, “With the refinancing behind us, we now have the resources in place to expand Solterra’s superior service model and environmentally friendly solutions throughout the region.”

Apuzzi and LoVerde, along with an affiliate of Roark Capital, an Atlanta-based private equity firm that manages in excess of $6 billion in equity commitments, acquired Solterra in 2014. Members of the management team and an affiliate of Roark invested additional equity into Solterra in connection with the refinancing.

Toby Chambers, a managing director at Roark, says, “We have enormous faith in Solterra’s management team and want to make sure they have access to the capital they need to pursue their growth objectives.”

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Source: Recycling Today
Solterra Recycling Solutions refinances credit facility
<![CDATA[Ewing, New Jersey-based Solterra Recycling Solutions, formerly Central Jersey Waste and Recycling, has completed a refinancing of its credit facility with Monroe Capital, a Chicago-based provider of senior and junior debt that has extended more than $5 billion of commitments since its founding. The new credit facility provides additional committed capital to support organic and acquisition growth initiatives. Based in Ewing, New Jersey, Solterra provides nonhazardous solid waste, organic waste and recyclables collection and hauling services. The company serves more than 30 municipalities, 400,000 residential households and 2,000 commercial customers throughout central and north New Jersey and in the Philadelphia metropolitan area. With the refinancing complete, Solterra says it is poised to build its density in the New Jersey market and to expand into adjacent markets by completing tuck-in and platform acquisitions and winning new collection contracts. Solterra is led by CEO Ed Apuzzi and COO Joe LoVerde, who previously ran Progressive Waste’s operations in the northeastern United States. Apuzzi says, “Our new relationship with Monroe Capital provides us with additional resources to accelerate our organic growth, new collection contract awards and acquisitions.” LoVerde says, “With the refinancing behind us, we now have the resources in place to expand Solterra’s…