New York, NY, September 4th, 2025 – NMS Capital (“NMS”), a leading private equity firm focused on investments within Business Services and Healthcare Services, today announced that it has partnered with Company management in the recapitalization of Northwest Environmental, LLC (“NWE” or the “Company”). This marks NMS Capital’s 1st investment out of its most recent private equity fund, NMS Fund V, and 3rd investment in the Environmental Services sector. Terms of the transaction were not disclosed.
Founded in 2008 and headquartered in Baltimore, Maryland, NWE is a leading asset-light managed waste provider, serving clients across the United States. Leveraging a broad network of vendor relationships, NWE designs and manages long-term waste solutions tailored to the needs of customers across a diverse set of industries and property types. The company conducts comprehensive audits to assess existing service levels, oversees the coordination of multiple waste streams, and centralizes billing and vendor management. By taking on these responsibilities, NWE enables clients to streamline operations, maintain consistent service, and focus on their core business priorities.
NMS’ investment in NWE originated from thematic investment initiatives focused on both the Facilities and Environmental Services markets, and in this case more specifically on the Managed Waste sub-sector. NWE will join LDR Site Services and Texas Pride Disposal, further building out NMS’ portfolio within the growing space. Through its partnership with NWE, NMS has made a substantial capital commitment to support NWE’s growth both organically and through acquisitions.
Steven Friedman, CEO of NWE, commented, “Since founding Northwest Environmental in 2008, our focus has been on removing complexity and cost for our customers while ensuring they receive reliable, long-term waste solutions. Partnering with NMS gives us the ability to accelerate that mission—expanding our reach, investing in new tools and technology, and growing our vendor network—all while maintaining the culture of service and trust that has been central to our success. I am excited for the opportunities this partnership creates for our clients, employees, and partners.”
Daniel Schwartz, NMS Partner and Co-Head of Business Services, noted, “We are excited to partner with Steven and the Northwest Environmental team to accelerate the Company’s next phase of growth. Over the past 15 years, the Company has consistently expanded its reach while maintaining a reputation for reliability and customer-focused solutions. NWE fits squarely within our investment theme in environmental services and managed waste, where we see strong long-term demand drivers, and highlights our commitment to establishing partnerships with leading founder-owned enterprises in our core sectors across North America.”
Jake Kinsley, NMS Principal, added, “Northwest Environmental has built a strong platform that addresses a critical need for asset-light, streamlined and transparent waste management services. Alongside our Portfolio Optimization Group, we will work closely with the team to enhance operations and accelerate growth initiatives, positioning NWE for long-term success within our environmental services theme.”
The NMS deal team also included Kevin Connelly, Michael Birarelli (NMS Portfolio Optimization Group), Colin Moran, and Jacob Eckerle (Investment Team). Greenberg Traurig provided legal counsel to NMS and Miles Stockbridge served as legal counsel to NWE.
About Northwest Environmental:
Based in Baltimore, MD, Northwest Environmental is a leading asset-light managed waste provider serving customers nationwide. Through its extensive vendor network, NWE delivers long-term waste solutions that reduce costs, improve service reliability, and simplify management for clients. The company conducts detailed waste audits to benchmark pricing and service levels, identifies opportunities for savings, and handles the ongoing coordination and invoicing of diverse waste streams on behalf of its customers. For more information on all NWE offerings, please visit www.nwenv.com.
About NMS Capital:
Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.5 billion. Since inception, NMS has partnered with management teams in over 150 investments and follow-on acquisitions across defined investment themes within the Business Services and Healthcare Services industries. The firm’s principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has successfully built industry leading lower middle market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.
For additional information on NMS, please visit the firm’s website at www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.
For further information:
For Northwest Environmental:
Steven Friedman
Chief Executive Officer
steven@nwenv.com
For NMS Capital:
Daniel Schwartz
Partner & Co-Head of Business Services
(914) 661-1147
dschwartz@nms-capital.com