Macquarie Asset Management Acquires Majority Stake in Coastal Waste & Recycling

Macquarie Asset Management (MAM) has acquired majority ownership of Florida-based Coastal Waste & Recycling.

The acquisition is aimed at accelerating Coastal's growth. Operations and existing services are expected to remain the same, with CEO Brendon Pantano continuing in his role.

“Coastal’s leadership in solid waste collections and recycling and focus on a diversion-led business model with high quality service positions the company well to meet the waste management and sustainability expectations of the communities in which Coastal operates,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners, in a statement. “We look forward to partnering with the Coastal management team to support the next stage of the company’s growth.”

While the financial terms of the deal were not made public, a portion of current shareholders will retain their ownership stakes following the deal.

Pantano commented: “We are excited to partner with Macquarie Asset Management through this investment into Coastal. With their experience in the space and commitment to providing ongoing capital and specialised support to management teams, we will be able to accelerate our growth in Florida as well as into adjacent geographies. This partnership will help us invest in needed waste infrastructure and position Coastal to further expand its waste and recycling services to more communities.”

Coastal Waste & Recycling launched in 2017 as a venture between Brendon Pantano, Summer Street Capital and Concentric Equity Partners. Its rapid expansion in the Southeast U.S. region has brought solid waste and recycling services to more than 450,000 customers in Florida and Georgia. Coastal currently has a a fleet of nearly 600 vehicles at 11 collection depots.

“I am proud of what Brendon and his team have built since we formed Coastal six years ago,” stated Brian D'Amico, managing partner, Summer Street Capital. “I am excited to see Coastal’s next stage of growth and look forward to supporting the management team via my involvement with MAM.