CPPIB invests US$280M in U.S. solid waste firm Advanced Disposal Services
Operating mainly in smaller markets, company is the U.S.'s fourth-largest solid waste firm
TORONTO— The Canada Pension Plan Investment Board (CPPIB) has made a US$280 million investment in the U.S.’s fourth-largest solid waste company, Advanced Disposal Services Inc.
Based in Ponte Vedra, Florida, the American company serves close to three million residential customers, 215,000 commercial clients and more than 800 municipalities in 16 states as well as the Bahamas.
“We see this as an attractive opportunity to become a key long-term investor in Advanced Disposal, a market leader in the U.S. waste industry with strong integrated operations and a solid track record of growth,” Scott Lawrence, managing director and head of Relationship Investments at the CPPIB, said.
The company was founded in 2001 and operates mainly in smaller markets outside large cities in the eastern half of the U.S. It runs a fleet of approximately 3,100 trucks and employs 5,400 people.