Riverside, Silverfern buy Australia's Waste Services Group
The Riverside Company and The Silverfern Group, a US-headquartered middle market investment manager that represents a set of family offices, have acquired Australia’s Waste Services Group for an undisclosed sum.
Waste Services Group operates a fleet of trucks that provide waste collection services for commercial and industrial customers across Melbourne. It also offers waste brokering and account management services for companies with multi-site and complex waste collection requirements.
"We are excited to partner with management and Riverside in the acquisition of a leading Australian waste management company with significant local and national growth opportunities," Mark Baldassarre, managing director at Silverfern, said in a statement. "Waste Services Group is a specialized provider of waste management services with a flexible and scalable asset light strategy that enables it to focus on superior account servicing, a key differentiator for Australian waste management customers."
Founded in 2001, Silverfern invests on behalf of institutional investors and a network of more than 65 family offices. It also has a global partnership with Citibank Private Bank. With offices in New York, Amsterdam, Frankfurt and Sydney, Silverfern makes direct, co-control and minority investments in private equity and real estate investment opportunities globally, usually working with local partners.
Riverside concentrates on family-founded or small corporate carve-outs across healthcare, education, software, specialty manufacturing and franchise-based companies in Asia. The firm closed its second regional fund at $235 million in 2014. Other Australia-based portfolio companies include Work Health Group, Global Orthopaedic Technologies, and Learning Seat.
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