Ridgemont Announces Growth Investment in Northstar Recycling Company

CHARLOTTE, NC  – Ridgemont Equity Partners, a buyout and growth equity investor, today announced a growth investment in Northstar Recycling Company, LLC (“Northstar” or the “Company”) alongside the Company’s founders, Seth Goodman and Noah Goodman. Northstar is an asset-light provider of sustainability-oriented managed waste and recycling solutions to leading food, consumer packaged goods, and other industrial clients. The Company serves multi-facility manufacturers and distributors with a centralized solution to manage and divert industrial waste streams into beneficial reuse applications. Seth Goodman and Noah Goodman will remain in their roles as CEO and President of Northstar, respectively, following the transaction.

“Seth and Noah Goodman and the rest of the Northstar team have built a highly-differentiated business helping large, sophisticated, consumer-facing companies achieve their zero-waste-to-landfill and related sustainability goals,” said Ryan Jack, Principal at Ridgemont. “Northstar’s fundamental value proposition to its customers is a comprehensive solution for diverting industrial waste streams away from landfills into more sustainable outlets, while also providing enhanced tracking and reporting of waste diversion outcomes through the Company’s proprietary technology platform. We look forward to working with the Northstar team to expand the Company’s service offering to existing and new clients while maintaining the Company’s steadfast focus on enabling the beneficial reuse of recoverable materials.”

“We are excited to announce our new partnership with Ridgemont and begin the next chapter of growth for Northstar,” said Seth and Noah Goodman in a joint statement on behalf of the Company. “With additional resources and support, we will be able to expand our services for our existing clients and recycling outlet partners, serve a broader customer base, and build a more scaled platform providing comprehensive managed waste solutions. Ridgemont shares our focused vision to continue to help businesses recycle more and landfill less, and we look forward to working with the Ridgemont team to execute our growth strategy.”

In conjunction with Ridgemont’s investment in Northstar, Seth and Noah Goodman, in partnership with the principals of Ridgemont and Cowen and Company, LLC (“Cowen”), created the Northstar Sustainability Fund, which is focused on making long-term commitments to charitable organizations that positively impact local communities by promoting food donation, landfill diversion, beneficial reuse of resources, and other Environmental, Social and Governance initiatives.

Financing for the transaction was provided by Barings, Cliffwater Corporate Lending Fund, and PNC Erieview Capital. Goodwin Procter LLP served as legal advisor to Ridgemont. Cowen and Finn Dixon & Herling LLP served as financial and legal advisors to Northstar, respectively. Moore & Van Allen PLLC served as legal advisor with respect to the organization of the Northstar Sustainability Fund. Financial terms of the transaction were not disclosed.

About Northstar Recycling Company

Northstar is an asset-light provider of sustainability-oriented managed waste and recycling solutions to leading food, consumer packaged goods, and other industrial clients. The Company helps its customers recycle more and landfill less by diverting organic and other waste streams from landfills into a variety of beneficial reuse applications with the support of its robust network of recycling outlet partners. Northstar’s proprietary technology platform provides enhanced reporting and analytics capabilities that enable clients to track sustainability-oriented initiatives and value recovery outcomes in real-time. www.northstarrecycling.com

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital. www.ridgemontep.com