WHI Capital Partners has acquired Container Recycling Alliance (CRA), the glass recycling division of Waste Management, Inc. (NYSE: WMI).
With the CRA acquisition, WHICP has now acquired seven companies and four platforms in the past 20 months. CRA is WHICP’s second platform in the environmental services sector. Its first, Emerald Waste Services, is one of the Southeast’s leading waste services firms, managing commercial, residential and construction & demolition waste streams via its hauling and landfill operations and portable toilet services.
Container Recycling Alliance
 CRA operates eight glass recycling facilities throughout the United States. Employing approximately 150 people and processing roughly 500,000 tons of glass per year, CRA is the second largest operator of glass recycling facilities in the United States. CRA utilizes state-of-the-art automated ceramic detection and color sorting equipment, as well as full bottle destruction and decasing capabilities.
The use of recycled glass, known as cullet, in the process of making new glass containers significantly reduces energy costs, lessens the need for virgin raw materials, and minimizes the release of emissions like carbon dioxide. “The rise of energy costs has created strong demand for clean cullet by the container manufacturers who are working to maintain their profit margins,” said Tom Riek, CRA’s Chief Executive Officer. “We look forward to working with our customers, and establishing new supply sources, to provide the highest quality product to meet existing and future demand.”
Mr. Riek partnered with WHICP in the purchase of the division, which he previously ran for Waste Management, Inc. He served as President of CRA from 2001 to 2004 before being promoted to Finance Director of Waste Management Recycle America.
“CRA produced some of its most profitable years under Tom Riek and his team’s leadership. Tom is a proven CEO with tremendous operational expertise as well as a keen ability to develop longstanding and mutually beneficial relationships with key suppliers and customers,” said Adam Schecter, WHI Capital Partners Managing Partner.
|
