EWING, N.J., May 17, 2016 /PRNewswire/ -- Solterra Recycling Solutions ("Solterra") announced today that it has completed a refinancing of its credit facility with Monroe Capital, a Chicago-based provider of senior and junior debt that has extended over $5 billion of commitments since its founding. The new credit facility provides additional committed capital to support organic and acquisition growth initiatives.
Based in Ewing, New Jersey, Solterra provides non-hazardous solid waste, organic waste and recyclables collection and hauling services. The Company serves over 30 municipalities, 400,000 residential households and 2,000 commercial customers throughout central and north New Jersey and in the Philadelphia metropolitan area.
Solterra was formed to serve as a growth platform with the goal of building a scalable and integrated solid waste focused environmental services operation. With the refinancing complete, the Company is poised to execute on its strategy of building density in the New Jersey market and expanding into adjacent markets by completing tuck-in and platform acquisitions and winning new collection contracts. Solterra is led by Ed Apuzzi (CEO) and Joe LoVerde (COO), who previously ran Progressive Waste's operations in the northeastern United States.
According to Apuzzi, "Our new relationship with Monroe Capital provides us with additional resources to accelerate our organic growth, new collection contract awards and acquisitions."
LoVerde added, "With the refinancing behind us, we now have the resources in place to expand Solterra's superior service model and environmentally-friendly solutions throughout the region."
Apuzzi and LoVerde, along with an affiliate of Roark Capital, an Atlanta-based private equity firm that manages in excess of $6 billion in equity commitments, acquired Solterra in 2014. Members of the management team and an affiliate of Roark invested additional equity into Solterra in connection with the refinancing. Toby Chambers, a managing director at Roark stated, "We have enormous faith in Solterra's management team and want to make sure they have access to the capital they need to pursue their growth objectives."
About Solterra Recycling Solutions
Headquartered in Ewing, New Jersey, Solterra is a leading solid waste and organics collection, hauling and recycling provider to municipalities, commercial customers and residential customers in New Jersey and Pennsylvania. Solterra serves more than 30 municipalities, 400,000 residential households and 2,000 commercial customers. For more information on Solterra, visit www.centraljerseywaste.com.
About Monroe Capital
Monroe Capital LLC is a leading provider of senior and junior debt and equity co-investments to middle-market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors. Monroe has been recognized by Global M&A Network as the 2015, 2014, and 2013 Small Middle Markets Lender of the Year; Private Debt Investor as the 2015 Lower Mid-Market Lender of the Year, the 2014 Senior Lender of the Year, and the 2013 Unitranche Lender of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. To learn more about Monroe Capital LLC, visit www.monroecap.com.
About Roark Capital Group
Roark is an Atlanta-based private equity firm that specializes in franchised and multi-unit business models in the retail, restaurant, consumer, and business services sectors. Since inception, affiliates of Roark have raised over $6 billion in equity commitments. For more information visit www.roarkcapital.com.
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SOURCE Roark Capital Group