Stout Advises Priority Waste Super Holdings on Growth Financing

October 03, 2023

Stout has advised Priority Waste Super Holdings, a portfolio company of TRP Capital Partners, on a successful financing transaction completed in conjunction with Ares Management Corporation. The transaction closed on August 18, 2023. Stout served as the exclusive advisor to Priority Waste in all aspects of the financing process, including strategic advice, market approach, structuring, and negotiation of the refinancing terms.

Priority Waste, one of the largest independent providers of solid waste and recycling services in the Great Lakes region, is a pioneer of technology to transform waste management operations. The company’s proprietary technology powers a one-of-a-kind command center from which experienced logistics professionals deliver seamless coordination, real-time tracking, and route optimization, thereby maximizing operational efficiency and ensuring unparalleled customer service. Since its founding in 2018, Priority Waste has rapidly expanded to serve customers in over 30 municipalities across Michigan, Indiana, and Ohio. The financing secured via this transaction will be used to support the company’s continued rapid growth and refinance a portion of the company’s existing debt.

“The Stout team did an excellent job leading us through the process and identifying the right partner for our business. We are very excited about Priority Waste’s continued growth utilizing the financing secured in this transaction,” said Todd Stamper, Founder and CEO of Priority Waste.

Mike DiRienzo, Managing Director at TRP, commented, “Stout provided us with multiple attractive financing options for Priority Waste. We are very pleased with the results of this transaction and the insight and guidance the Stout team provided. Through partnering with Ares, we are able to begin an exciting new chapter of growth for the company.”

“The environmental services sector continues to command a high level of interest from investors and the broader capital markets due to the mission-critical, non-discretionary, and recession-resilient nature of services provided,” said Sid Chhabria, Managing Director and Head of Environmental Services at Stout. “Within the sector, Priority Waste is a truly unique asset led by a visionary management team that is reimagining operations and redefining customer service through innovative technology. As an industry leader in efficiency, productivity, and customer satisfaction, Priority Waste is well positioned to continue its strong growth trajectory.”

Stout’s Head of Capital Markets Jeff Zolkin added, “We were mandated to find the right lending partner for Priority and its management team to support the company’s organic growth and acquisitions while retaining liquidity options for existing shareholders, and we feel the company is now well positioned going forward.”

Stout’s Nick Dreps, Zach Pifher, Jack Dunsire, and Ben Murray also assisted in the execution of the transaction.

Honigman LLP served as legal counsel to Priority Waste and TRP, and Morgan Lewis & Bockius LLP served as legal counsel to Ares.

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