I Squared Capital to acquire waste management firm VLS Environmental in $1bn deal

Jul 20, 2022 | News | 0 comments

I Squared Capital, an infrastructure-focused private-equity firm, said on Wednesday it has agreed to acquire waste management company VLS Environmental Solutions, but did not disclose terms of the transaction.

Miami-based I Squared could spend up to $1 billion for the acquisition and further investments in VLS, said a person familiar with the matter.

The acquisition of VLS, which was purchased by buyout firm Aurora Capital Partners in 2017, is expected to close in the third quarter of this year.

VLS provides non-hazardous industrial waste management and rail and marine cleaning services across the United States and Mexico. The Houston, Texas-based company was founded in 2007 following a management buyout of a subsidiary of tank storage firm Vopak North America.

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“We’re looking to expand the business both geographically and in other areas such as hazardous waste,” Sadek Wahba, I Squared’s managing partner, said in an interview.

I Squared has $36 billion in assets under management spread across environment infrastructure, energy, utilities, and data centers in North America, Europe, Latin America and Asia.

It has made other investments in the waste management industry, with last year’s acquisition of SOILCO Pty Ltd, an Australian waste management firm, being the latest.

Source: Reuters

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