Central Valley Fund II provides $5.275M in Mezzanine Debt and Equity Financing
TACOMA, WA, and CLACKAMAS, OR (December 8, 2014) – Pioneer Recycling Services, LLC (“Pioneer Recycling”) announced today the acquisition of two of the Pacific Northwest’s largest material recycling facilities (“MRFs”) with over 200,000 of processed tons combined in 2013. The transaction establishes Pioneer Recycling’s footprint in the Pacific Northwest and launches the Company’s strategy to expand its operations through improved plant efficiencies and targeted acquisitions.
Pioneer Recycling has acquired these state-of-the-art MRF facilities located in Tacoma, WA, and Clackamas, OR with long-term agreements with leading waste haulers and paper mills throughout the Greater Northwest, including Idaho and Northern California.
“This acquisition is highly favorable for Pioneer Recycling and permits us to grow our market position throughout the region. The long-term supply agreements and diversified service offering will make us a strong player in the solid waste recycling space,” said Steve Frank, President & CEO. “Through this acquisition, we will continue to build our recycling and waste diversion capabilities, which will allow us to better serve Washington and Oregon as they continue to grow their sustainability initiatives.” Frank continued, “Pioneer Recycling Services is poised to aid both states as they work to improve recycling recovery rates from the 50-55% range, which already exceeds the national average of 34%, up to 70%.”
The primary principals of Pioneer Recycling, Steve Frank, Dave Claudius, and Mark Starnes, will lead the Company out of the Tacoma facility and will focus Pioneer Recycling on a strategy to serve residential and commercial customers by providing waste haulers diversified material recovery/recycling solutions throughout the region.
Dave Claudius, Vice President & Chief Operating Officer, said, “For over 25 years, my partners and I have offered customers across the U.S. solutions to their solid waste recycling needs. We are now pleased to be a part of an industry-leading team at Pioneer Recycling with strong values, a commitment to customer service, leading innovation, and a focus on sustainability.” Mr. Claugus added, “We pride ourselves on providing the highest levels of customer service and community engagement while at the same time focusing on being an employer of choice to our team of 200 dedicated employees. We look forward to building a great tradition under the Pioneer Recycling flag.”
According to Jose Blanco, Partner at the Central Valley Fund (“CVF”), “We are delighted to support a great management team well versed in the solid waste recycling industry with a history of successful financial performance”. Blanco continued, “The market is demanding more sustainability solutions at every level and we believe Pioneer Recycling is well poised to take advantage of these market opportunities”.
About Pioneer Recycling Services:
Pioneer Recycling Services, LLC based in Tacoma, WA is an industry leader in non-hazardous recycling and solid waste in the Pacific Northwest. Pioneer Recycling’s recycling centers focus on providing reliable environmental services and solutions for commercial, industrial, municipal, and residential customers. Pioneer Recycling and its employees believe in protecting the planet and applying common-sense solutions to customers’ waste and recycling challenges. For more information, visit the Pioneer Recycling website at www.pioneerrs.com.
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About Central Valley Fund:
The Central Valley Fund was established in 2005 and to finance later stage growth and buyouts through mezzanine and preferred equity investments and manages over $140 million in committed capital. The fund has offices in Davis, CA and Fresno, CA. It is focused on making investments in California’s Central Valley and throughout Western U.S. For more information, please visit http://www.centralvalleyfund.com.
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