Mergers & Acquisitions

J.F. Lehman acquires Lone Star Disposal

J.F. Lehman & Company (JFLCO), a New York City-based middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, announced Aug. 14 that an investment affiliate has acquired Lone Star Disposal, Delta Waste Services, and Tanner Road Facility.

Lone Star is a vertically integrated provider of construction and demolition (C&D) and municipal solid waste (MSW) disposal and related environmental services in Houston. The company’s service platform utilizes an asset base consisting of a C&D landfill, an MSW transfer station, a C&D recycling facility and a C&D collection fleet. The company’s diversified customer base includes regional and nationwide C&D and MSW haulers and C&D contractors serving the Houston area.

“Lone Star represents an excellent addition to our portfolio of companies in the environmental services sector,” says Glenn Shor, a partner with JFLCO. “Lone Star’s industry-leading reputation, vertically integrated service offering and strategically located asset base reflect core characteristics we seek in our investment portfolio. We are eager to continue Lone Star’s history of excellence and look forward to supporting the continued growth of the business through organic development and complementary bolt-on acquisitions.”

Debt financing for the transaction was provided by Chicago-based Monroe Capital LLC. Jones Day, Cleveland, provided legal counsel to JFLCO. Stifel, St. Louis, served as financial advisor to Lone Star, and Richmond, Virginia-based Hunton Andrews Kurth LLP provided legal counsel.