Date: December 15, 2020
Source: Wheelabrator Technologies Inc.
Recently, Wheelabrator Technologies Inc, based in Portsmouth, NH, acquired Westborough, MA based United Material Management (UMM) and sold its UK division Wheelabrator UK. This event results in a major shift in the ownership of collection and disposal services in both New England and the UK.
Over the past couple of years, Wheelabrator, acquired by Macquarie Infrastructure Partners (MIP) in February 2019 along with Tunnel Hill Partners, has been acquiring a number of New England waste management firms in order to expand its coverage of the Northeast. With the acquisition of UMM, it is now able to connect its collection routes in the Northeast with disposal sites owned by Tunnel Hill in Ohio. Additionally, with the acquisition of UMM, Wheelabrator now owns the C&D recycling center that is adjacent to Wheelabrator's waste-to-energy facility in Millbury, MA. Over the same period, Wheelabrator UK had been growing its footprint in the waste-to-energy sector in the UK, owning seven waste-to-energy sites that were operational or in advanced development. The sale of those sites represents a significant ownership change of waste-to-energy market share in the UK.
Credit Suisse, Zurich, and J.P. Morgan, New York City, served as financial advisors to Wheelabrator U.K. on the sale, and London-based Linklaters served as legal counsel. Jefferies, New York City, and Macquarie Capital served as financial advisors to FSI, and Latham & Watkins, New York City, served as lead legal counsel. The transaction is expected to complete in early 2021.