Macquarie Asset Management to Acquire DTG Recycle
Posted on 12/02/2022
Macquarie Asset Management (MAM) signed a deal to acquire Mill Creek, Washington-based DTG Recycle. DTG Recycle is Washington State’s major independent vertically integrated non-MSW recycling business.
The resulting ownership structure will accelerate DTG’s growth trajectory and solidify its leadership position as the largest privately held vertically integrated non-MSW recycling business in Washington State; the investment will have no impact on the company’s existing services or operations. As part of the transaction, Tom Vaughn will continue as Chief Executive Officer, and Daniel (Dan) Guimont will become Chief Development Officer. Both Tom and Dan will be members of the Board of Managers of DTG and will retain an ownership stake in the company alongside MAM.
Clairvest Group led a US$ 32 million minority growth equity financing round in 2020 in DTG Recycling and has exited its position in DTG as part of the broader recapitalization deal. Clairvest reported proceeds of US$ 53.2 million from the transaction.
Dan Guimont founded DTG in 1999 when he acquired a C&D recycling business from Tom Vaughn. Since its formation in 1999, DTG has grown from a single truck to a regional leader in non-MSW recycling and diversion with a network of collection assets, including more than 3,900 containers and a fleet of over 270 vehicles, 12 materials recovery facilities (MRFs) across the Puget Sound region, and a landfill.
MAM-managed funds have invested over US$ 4.5 billion in the waste industry in the Americas since 2007 including realized investments in Waste Industries, WCA, and GFL Environmental, and current investments in WIN Waste Innovations, Solví, LRS, Greenwaste, and now DTG.
Advisors
Nomura Greentech acted as exclusive financial advisor to Macquarie Asset Management and White & Case acted as legal counsel.
