Middle‑market private equity firm Kinderhook Industries said it is finalizing its single‑asset continuation vehicle for Ecowaste Solutions, a newly formed waste‑services platform.

The transaction offers an optional liquidity event for Kinderhook's limited partners, while $400 million in new equity capital will support ongoing organic growth and targeted acquisitions, it said in a press release Friday.

Ecowaste Solutions CEO Dustin Reynolds said, "With Kinderhook's continued backing and new growth capital, we are well positioned to expand our footprint, invest in our people and assets, and continue delivering high‑quality service to our customers."

Goldman, Apollo

The continuation vehicle is anchored by Kinderhook Fund 8 alongside funds managed by Goldman Sachs Alternatives and Apollo S3.

“We are proud to partner with Goldman Sachs Alternatives and Apollo S3,” Rob Michalik, managing director of Kinderhook, said in the release. “This is a very exciting transaction for Kinderhook and our investors and represents the largest environmental services investment in our firm’s history.”

Ecowaste is built around differentiated assets and plans to execute its value-creation playbook through organic growth initiatives, operational efficiency and strategic acquisitions, the release stated.

Expanding A Regional Waste Management Platform

This is Kinderhook's ninth platform investment within the solid waste management vertical. The company was created through a combination of Live Oak Environmental and CARDS Recycling. This combination merges a waste management platform with collection and post-collection operations across the Mid-South, a region with an increasing population and expanding commercial and industrial activity.

Jefferies served as financial advisor on the continuation vehicle transaction, and Stifel served as financial advisor and sole placement agent for the debt financing. Kirkland & Ellis LLP served as legal advisor. Debt financing for the transaction was provided by a syndicate led by Ares Capital with participation from MidCap Financial, Willow Tree, and the Stifel Lending Program.

Ecowaste is headquartered in Dallas and is a provider of solid waste collection and disposal services across the mid-south. The company provides waste collection services to more than 400,00 customers.

Kinderhook Industries was founded in 2003 and has raised more than $10 billion of committed capital. The firm is focused on middle-market businesses with niche market positioning in the healthcare services, environmental and industrial services and light manufacturing and automotive sectors.

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