MILLBROOK CAPITAL MANAGEMENT INC. ENTERS THE WASTE AND RECYCLING EQUIPMENT INDUSTRY WITH TWO ACQUISITONS
NEW YORK - January 7, 2013- Millbrook Capital Management Inc., a New York City-based investment firm led by John S. Dyson, announced today that it has created a new entity to enter the waste and recycling equipment industry. The new entity, Wastebuilt Environmental Solutions, LLC (Wastebuilt), has acquired two companies: Stepp Equipment Company and Galfab, Inc. and is seeking similar acquisitions. These two companies have combined annual revenues of approximately $40 million. The purchase price was not disclosed.
"We believe that the national haulers, municipalities, dealers, distributors, and local haulers in the waste and recycling industry will benefit from a well-capitalized and customer-focused source for equipment, parts, and maintenance," said Alan Rivera, Executive Vice President and Chief Financial Officer of Millbrook Capital Management. "By combining a leading service, parts and distribution company with a high quality manufacturing company, we have drawn on the best of both worlds."
Commenting on the news, Greg Podell, Wastebuilt CEO, said, "I am extremely excited about combining two experienced companies in the waste and recycling equipment industry. The experience and expertise these two companies bring to this industry are unmatched."
"I am looking forward to being part of Wastebuilt," said Don Galbreath, owner of Galfab Manufacturing. "After over 50 years in the industry, I cannot think of a better partner than Stepp Equipment. I am thrilled Wastebuilt brought us together."
Ken Kozelka, Vice President and Co-Owner of Stepp Equipment, added, "This is a historic day for our company. We are moving onto the next chapter for Stepp Equipment."
The two companies will continue to operate in their existing locations and offer a wide variety of products and services to their customers.About Millbrook Capital Management Inc.
Millbrook Capital Management Inc., headquartered in New York City, specializes in private equity investments. The firm invests in buyouts, divestitures, and private transactions of lower middle-market manufacturing and business services companies. For additional information, please contact Alan Rivera at 212-586-4333.About Stepp Equipment
Stepp Equipment specializes in the refuse, scrap and recycling industry. The company was established in 1959 by Jim Lambert Sr. and has grown to sell and service a large sector of the refuse industry in Northern Illinois, Northern Indiana, and Wisconsin. Stepp has offices in both Chicago and Metropolitan Milwaukee. For additional information, please visit www.steppequipment.com
Galfab, based in Winamac, Indiana, is a manufacturer of cable roll-off hoists, single axle hook hoists, open top roll-off containers, packer receiver containers, self-contained compactors, self-dumping hoppers, and various other products for transportation in the garbage and scrap industry. For additional information, please visit www.galfab.com
CEO, Wastebuilt Environmental Solutions Gregpodell@galfab.com
Adam Friedman AssociatesJulia@adam-friedman.com