New York, NY, March 8, 2022 – NMS Capital (“NMS”) announced today that it has partnered with Company management in the recapitalization of LDR Site Services and its related family of waste hauling operations (collectively, “LDR” or the “Company”). Terms of the transaction were not disclosed.
Headquartered in Atlanta, GA, LDR is an asset-light provider of equipment rental and related waste hauling services to site-based projects across the U.S. LDR services multiple industries with varying needs, including environmental, emergency response, facilities maintenance, retail, government, construction, and other commercial end markets. Through a national network of trusted service providers that LDR has developed over the past decade, the Company is able to solve complex, and often time-sensitive needs for its customers, while always ensuring the highest level of quality and customer service.
The global construction and demolition (“C&D”) waste management market was estimated at ~$200 billion in 2020 and projected to grow by more than 5% annually through 2026. The U.S. produces the most waste by volume of any country, with C&D debris estimated to make up ~25% of the national waste stream over the next 5-10 years. Furthermore, aging infrastructure and environmental forces are driving increased emergency response work, and recent legislative actions will result in elevated levels of future building and infrastructure spend. This growing demand, coupled with a lack of national “one-stop-shop” suppliers has driven the emergence of third-party waste solution platforms to address shortcomings of the direct hauler model. Providers like LDR take a consultative approach to its customer relationships, often acting in an advisory capacity around specific needs relative to the scope and requirements of a given project, across multiple locations.
“LDR has been successful due to our dedicated service model and the team’s commitment to working with our customers as partners in all respects. Over time, we have evolved our approach to the market to better serve our customers’ needs and have even developed new services and entered new end markets, often at their request,” said Marc Segel, CEO & Founder of LDR. “This partnership with NMS is a critical next step in our Company’s evolution and will empower us to invest in new service offerings for both existing and new clients, while continuing to deliver best in class support as we always have in the past. We are excited to begin LDR’s next phase of growth with NMS’ support.”
Daniel Schwartz, NMS Managing Director, commented, “We could not be more exited and prouder to partner with Marc Segel and the LDR team. The addressable market the Company serves is massive and expanding all the time. We believe strategic investments in operations, technology and sales, will allow the company to reach more customers quickly, providing much needed support to companies and service providers across the U.S. This investment is the result of a theme-based approach within environmental services, which was precipitated by our partnership with operating executive Chuck Casalinova.” Mr. Casalinova has 40+ years of combined experience in the environmental services and utility services industries and joined NMS’ Operating Executive Council in 2021.
Mr. Casalinova added, “Marc and his team have built a truly impressive platform over the last twelve years. I’m excited to be able to work with the team at LDR and continue to build upon the strong brand name that’s been developed. As I worked with NMS to review multiple opportunities in the past year, LDR stood out, not only as a leader in their field with long-standing and engrained customer and vendor relationships, but also as a differentiated, technology-driven platform with significant opportunity to scale. I will also be working with the Company to assess strategic add-on acquisition opportunities as a part of this investment thesis, an area in which I have substantial experience in as a former operator in the industry.”
The NMS deal team also included Kevin Jordan, Jake Kinsley, and Jordan Shenker. Greenberg Traurig provided legal advice, and HamptonRock Partners and Brown Gibbons Lang & Company acted as advisors to NMS. Taylor English Duma provided legal advice to LDR. Maranon Capital provided debt financing to support the transaction.
Headquartered in Atlanta, GA, LDR is an asset-light provider of equipment rental and related hauling services to site-based projects across the U.S. LDR services multiple industries with varying needs, including, environmental, facilities maintenance, retail, government, construction and commercial, and other events. LDR also owns and operates a growing related family of C&D hauling assets in select geographies in the United States. For additional information, visit the company’s website at www.ldrsiteservices.com
About NMS Capital
NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The firm was formed through the spin-out of a group of portfolio companies from Goldman Sachs’ Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Business Services and Healthcare Services. For additional information on NMS, please visit the firm’s website at www.nms-capital.com.
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