ERS Acquired by Private Equity Group
March 29, 2007
Environmental Reclamation Services, Inc., has been acquired by Hyde Park Holdings LLC, a New York-based private equity group.
As an reverse logistics provider serving the printing and wireless communications aftermarkets, ERS is benefiting from increased demand for end-of-product recycling. According to Recharger Magazine, 700 million print cartridges are thrown away each year in the U.S. alone. With businesses and consumers spending billions on ink and laser cartridges worldwide, government and environmental agencies have become acutely aware of the need to recycle empty cartridges. As such, several states have passed legislation in support of recycling and remanufacturing print cartridges and wireless communication devices.
In partnership with the prior shareholders and current management team, Hyde Park Holdings is seeking to accelerate growth internally and pursue selective add-on acquisitions. Laurence Levy, a partner of Hyde Park Holdings, stated that “We arevery excited about the opportunity at Environmental Reclamation Services and committed to working with management to expand the company’s FundingFactory program which enables schools and nonprofit institutions to raise funds by collecting printer cartridges and cell phones.”
Citigroup Capital Strategies, a division of Citigroup Global Markets Inc. and an investment bank serving privately held businesses, served as the exclusive financial advisor to Environmental Reclamation Services, Inc. The terms of the transaction were not disclosed.
