Waste Eliminator Adds Landfill Assets in Sixth Allied-Backed Deal

Allied Industrial Partners-backed Waste Eliminator has acquired Enterprise Landfill and Phillips Recoveries, marking the sixth add-on transaction since the Houston-based private equity firm's 2021 platform investment. The deal adds critical landfill infrastructure and hauling capacity to Waste Eliminator's metro Atlanta footprint while extending its reach into South Carolina's growing construction and demolition waste market.

The acquisition, announced January 3, 2025, brings construction and demolition (C&D) landfill assets and waste hauling operations into Waste Eliminator's integrated service platform. Financial terms were not disclosed, consistent with Allied's approach to lower-middle-market environmental services consolidation. The transaction underscores sustained private equity interest in waste infrastructure despite broader M&A headwinds, as firms prioritize assets with defensive cash flows and vertical integration potential.

The Enterprise Landfill acquisition represents a strategic infrastructure play, adding disposal capacity that complements Waste Eliminator's existing collection and recycling operations. Enterprise operates C&D landfill facilities alongside Phillips Recoveries' hauling business, creating immediate synergies with Waste Eliminator's fleet-based collection services across the Southeast.

The transaction follows Allied's established buy-and-build playbook in environmental services. Since acquiring Waste Eliminator in 2021, the firm has executed five prior add-ons—including Gainesville Waste & Recycling, Dawsonville Waste & Recycling, North Georgia Roll-Off, FC Sanitation, and Oconee Resources—systematically expanding the platform's geographic reach and service capabilities.

Waste Eliminator's acquisition strategy centers on vertical integration and asset density. By adding landfill disposal capacity through Enterprise, the company secures downstream infrastructure that captures margin across the waste stream—from collection through final disposal.

"We are thrilled to welcome Enterprise and Phillips Recoveries to our team and believe this integration will enhance our ability to provide efficient collection and disposal solutions to our diverse clientele," said Kacy Cronan, CEO of Waste Eliminator. "Through our acquisitions, we aim to enhance our reputation and expand our asset base as we pursue our mission of becoming the premier sustainable waste management company in the Southeast."

The C&D landfill focus is deliberate. Construction and demolition waste represents one of the largest and fastest-growing segments in the waste industry, driven by sustained infrastructure investment and commercial development across the Southeast. Unlike municipal solid waste (MSW), C&D streams offer higher margins and less regulatory complexity, making them attractive targets for regional consolidators.

Vertical integration delivers multiple advantages. Waste Eliminator can now internalize disposal volumes from its hauling operations, eliminating third-party tipping fees and capturing incremental margin. The company also gains pricing leverage with commercial and industrial customers by offering bundled collection-and-disposal contracts—a competitive differentiator against smaller, single-service operators.

Geographic expansion into South Carolina extends Waste Eliminator's addressable market beyond metro Atlanta. The Carolinas have experienced robust population and economic growth, driving construction activity and C&D waste generation. Establishing a South Carolina presence positions the platform for further regional consolidation as Allied pursues its Southeast environmental services thesis.

Enterprise Landfill operates construction and demolition waste disposal facilities serving contractors, developers, and industrial customers across Georgia and South Carolina. The company's landfill assets provide permitted capacity for C&D materials including concrete, wood, drywall, metals, and other non-hazardous construction debris.

Phillips Recoveries complements the landfill operations with waste hauling services, operating a fleet of collection vehicles that transport C&D materials from job sites to disposal facilities. The combined business model creates a vertically integrated C&D waste solution—collection, transportation, and disposal under one operator.

The C&D landfill sector has consolidated significantly over the past decade, with larger regional players and private equity-backed platforms acquiring independent operators. Enterprise's scale and permitted capacity made it an attractive target for Waste Eliminator's expansion strategy, particularly given the scarcity of new landfill permits and the value of existing disposal infrastructure.

The waste management industry has experienced sustained M&A activity, though deal volume moderated in 2024 as higher interest rates pressured valuations and financing availability. Despite the slowdown, environmental services remain a core focus for lower-middle-market private equity firms attracted to recurring revenue models, essential service characteristics, and fragmentation that supports buy-and-build strategies.

C&D waste represents approximately 600 million tons annually in the United States, according to EPA estimates, with the Southeast accounting for a disproportionate share due to population growth and construction activity. The Atlanta metro area, in particular, has seen robust commercial and residential development, driving demand for C&D disposal capacity.

Private equity activity in waste management has shifted toward niche segments and regional platforms. While mega-cap firms like Waste Management and Republic Services dominate municipal solid waste, the C&D and industrial waste segments remain fragmented, creating opportunities for consolidators like Waste Eliminator to build density and scale.

The Enterprise acquisition aligns with broader industry trends favoring vertical integration and infrastructure ownership. Landfill assets, in particular, command premium valuations due to permitting barriers, long-term cash flow visibility, and strategic value to collection-focused operators seeking to internalize disposal volumes.

Allied Industrial Partners is a Houston-based lower-middle-market private equity firm founded in 2019 with over $1 billion in assets under management. The firm pursues a thematic, operationally focused investment strategy across industrial subsectors including environmental services, industrial rentals, manufacturing, distribution, and critical infrastructure.

Allied's environmental services portfolio includes two waste management platforms: Waste Eliminator and Liberty Waste Solutions (formerly Wall Recycling). The dual-platform approach allows Allied to pursue complementary geographic and service strategies while leveraging shared operational expertise across the waste sector.

The firm's buy-and-build strategy emphasizes active, hands-on involvement with portfolio companies. Allied partners with experienced management teams and deploys operational resources to drive organic growth, margin improvement, and strategic M&A. The Waste Eliminator platform exemplifies this approach—six acquisitions in four years, systematic geographic expansion, and infrastructure investments including a new material recovery facility.

"Our partnership with Waste Eliminator represents a significant investment in the strategic growth of the platform throughout Georgia and the Southeast," said Bradford Rossi and Philip Wright, Managing Partners of Allied. "Waste Eliminator's ongoing expansion has positioned the company to deliver exceptional, sustainable waste management services to a growing client base, and we are proud to support its evolution."

Allied's environmental services thesis centers on fragmentation, recurring revenue, and operational improvement opportunities. The waste industry's essential service characteristics provide downside protection, while consolidation dynamics and vertical integration potential create value creation pathways beyond multiple arbitrage.

The Enterprise Landfill acquisition positions Waste Eliminator for continued expansion across the Southeast, with landfill infrastructure serving as a foundation for further collection and hauling add-ons. Allied's buy-and-build strategy shows no signs of slowing, and the platform's geographic footprint and service capabilities create a compelling value proposition for potential sellers seeking liquidity or operational support.

C&D waste volumes are expected to remain robust as infrastructure investment and commercial construction activity continue across the Southeast. Federal infrastructure spending, reshoring of manufacturing, and data center development are driving industrial construction, while population growth fuels residential and commercial projects—all generating C&D waste streams.

The waste industry's consolidation trajectory favors well-capitalized platforms with vertical integration and geographic density. Waste Eliminator's combination of collection, recycling, and disposal assets creates competitive advantages that smaller, single-service operators cannot match. As the platform scales, it gains pricing power, operational efficiency, and strategic value to potential exit buyers—whether strategic acquirers or larger private equity firms seeking environmental services exposure.

Regulatory trends also support the investment thesis. Increasing emphasis on waste diversion, recycling, and sustainability creates opportunities for operators with advanced sorting and processing capabilities. Waste Eliminator's material recovery facility and recycling infrastructure position the company to capture value from materials recovery while meeting customer sustainability objectives.

The path to exit remains open. Strategic buyers including publicly traded waste companies and larger regional platforms represent natural acquirers. Alternatively, Allied could pursue a secondary sale to a growth equity or upper-middle-market private equity firm seeking a scaled environmental services platform. With continued execution on the buy-and-build strategy, Waste Eliminator is building the scale and infrastructure that command premium valuations in the waste sector.

For now, the focus remains on integration and growth. Enterprise Landfill and Phillips Recoveries bring immediate operational synergies, and the expanded asset base supports further add-on acquisitions across Georgia and the Carolinas. Allied's patient capital and operational resources provide the platform to execute a multi-year consolidation strategy in one of private equity's most durable sectors.