Interstate Waste Services enters agreement to acquire Oak Ridge Waste & Recycling

Interstate Waste Services Inc. (IWS), a Teaneck, New Jersey-based vertically integrated waste-by-rail provider of solid waste collection, disposal and recycling services, has entered into a definitive agreement to acquire Oak Ridge Waste & Recycling, a provider of waste collection, transfer and recycling services in Connecticut and New York. The transaction is expected to close by the end of the first quarter of 2024.

The acquisition comes on the heels of IWS subsidiary Action Carting Environmental Services Inc.’s selection as an authorized waste and recycling hauler under New York City's commercial waste hauling program, Local Law 199. Action Carting Environmental was awarded 14 out of 20 zones and a city-wide containerized contract.

“Oak Ridge has an established presence in an attractive adjacent market delivering collection and processing services through a dedicated workforce and an entrenched culture that fits exceptionally well with IWS,” IWS CEO Michael DiBella says. “Since our teams have experience working side-by-side, we expect a seamless transition and the immediate benefit of not only the IWS vertically integrated rail assets but also resources for further investment in people, assets and systems, along with the collaboration of experienced leadership in both organizations.”

Oak Ridge serves commercial, residential, municipal and industrial customers throughout western Connecticut and New York's Westchester and Putnam counties. The company operates a network of collection and postcollection facilities, including a waste-by-rail transfer and recycling facility in Danbury, Connecticut, a materials recovery facility (MRF) in Shelton, Connecticut, and a transfer station in Norwalk, Connecticut. 

“We are excited to combine businesses and secure the resources for further growth in our markets while leveraging IWS' waste-by-rail network,” Oak Ridge Managing Partner and CEO John Decker says. “Mike and I have a long professional relationship and our teams have worked together making this a natural fit.”

The acquisition of Oak Ridge marks the first geographic expansion since IWS announced it had completed an equity recapitalization led by Ares Management Corp. and Littlejohn & Co. in 2023.

Stifel served as financial advisor to Oak Ridge Waste & Recycling, and Whiteman Osterman & Hanna LLP served as legal counsel. Kirkland & Ellis LLP served as legal counsel to IWS.