Waste Management Inc. announced this afternoon that its WM Recycle America subsidiary has acquired Houston-based Greenstar Recycling, a major player in recycling in the United States.
Greenstar operates 12 material recovery facilities, including seven single-stream plants, and a brokerage business for recovered material, according to a news release announcing the sale. Greenstar and its subsidiaries manage approximately 1.5 million tons of recycled material for over 12 million customers.
Greenstar, which was owned by Dublin, Ireland-based NTR plc, enjoyed annual revenue of about $225 million in 2011, according to Waste & Recycling News' annual recycling rankings. The company, which has more than 500 employees, started North American operations in 2007.
With this acquisition, Waste Management says it will have capacity to manage 15 million tons of recyclable materials annually.
"Acquiring Greenstar advances our growth and transformation strategy to extract more value from the material that we manage," said William Caesar, President of Waste Management Recycle America and Organic Growth, in a statement. "We have a stated goal of managing 20 million tons of recyclable material by 2020. With these assets, we have the capacity to achieve almost three-quarters of that goal and extend our ability to provide the recycling services that customers want.
"The Greenstar material recovery facilities complement our existing recycling assets, and their managed services business will expand our brokerage and national account service offerings," he added. "We are excited about adding Greenstar's team to ours and continuing to provide exceptional service to our customers as we execute our transformation strategy."
Terms of the deal were not disclosed.