Ironwood Capital, Clairvest invest in Boston Carting Services

silver dollar signs on a blue backdround — Carsten Reisinger | stock.adobe.com

Posted by DeAnne Toto, Editorial Director

Published July 01, 2022

Two private equity companies have invested in Star Waste, dba Boston Carting Services LLC, a nonhazardous solid waste company based in Franklin, Massachusetts, that provides commercial, residential and roll-off collection services to Greater Boston. The company also operates a construction and demolition material recovery facility (MRF) in North Andover, Massachusetts.

Toronto-based Clairvest Group and Clairvest Equity Partners VI have made an equity investment in the company, giving Clairvest a majority stake in the company. Additionally, Ironwood Capital, a private equity firm based in Avon, Connecticut, has recapitalized its investment in BCS in partnership with Jeff Kendall, an industry veteran who served as chairman of the board, previously provided acquisition and growth capital to BCS in October 2020.

“Boston is a highly attractive market, and Patsy [Sperduto, BCS president and CEO] is exactly the kind of entrepreneur that we like to back,” says Dickson Suit, an Ironwood Capital partner. “He is driven, organized, strategic, level-headed and has strong command of the marketplace and, because of that, was able to grow BCS significantly in a very short period of time. Ironwood will retain a portion of its investment in the company as we have great confidence in Patsy.”

“I thoroughly enjoyed working with Patsy,” Kendall says. “He’s done a terrific job scaling up BCS and has positioned it for exciting growth from here with Clairvest, another well-respected private equity firm with experience in this space.”

“We are excited for this opportunity to back the founder and CEO, Patsy Sperduto, who has over 25 years of experience in the solid waste management industry," Michael Castellarin, managing director at Clairvest. "Having known Patsy and watched his success over the past 10 years, we are excited to now work together to build a regional leader. We are impressed by Patsy’s clear vision to grow and build on Star Waste’s position in the New England market."

Sperduto says, “Clairvest’s partnership-oriented investment style and expertise in supporting the growth of regional solid waste companies stood out to me when deciding on the ideal equity partner for Star Waste’s next phase. Beyond capital, Clairvest brings significant experience in the waste management sector and relationships in the industry which will be instrumental in supporting our team as we grow."

He also expresses how much he's enjoyed working with Suit, Kendall and the Ironwood team. "They’ve been great partners, and I look forward to their continued involvement as board members and investors going forward."

Sperduto adds, "I’m also extremely excited to partner with Michael Castellarin, Clairvest managing director, on the future of BCS.”

Clairvest says the investment builds on its 16-year track record in the environmental services industry. Star Waste represents what Clairvest calls its 58th platform investment and eighth platform investment partnership in the waste management sector.

The Canadian firm says the Clairvest/CEP VI co-investment pool is capitalized at $850 million “and focuses on equity investments in growth companies.” Other industry sectors in which Clairvest has a presence include casino, entertainment and specialty aviation. In the waste and recycling sector, it also has stakes in New York-based Winters Bros. and DTG Recycle in the state of Washington.

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