I Squared Capital acquires waste management company VLS Environmental


Workers use heavy machinery to move trash and waste at the Frank R. Bowerman landfill in Irvine, California, U.S., June 15, 2021. REUTERS/Mike Blake/File Photo/File Photo/File Photo

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July 20 (Reuters) – I Squared Capital, an infrastructure-focused private equity firm, said on Wednesday it had agreed to acquire waste management company VLS Environmental Solutions, but did not disclose terms of the deal .

Miami-based I Squared could spend up to $1 billion on the acquisition and other investments in VLS, a person familiar with the matter said.

The acquisition of VLS, which was purchased by buyout firm Aurora Capital Partners in 2017, is expected to close in the third quarter of this year.

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VLS provides non-hazardous industrial waste management and rail and marine cleaning services in the United States and Mexico. The Houston, Texas-based company was founded in 2007 through a management buyout of a subsidiary of tank storage company Vopak North America.

“We are looking to expand the business both geographically and in other areas such as hazardous waste,” Sadek Wahba, managing partner of I Squared, said in an interview.

I Squared manages $36 billion in assets across environmental infrastructure, energy, utilities and data centers in North America, Europe, Latin America and Asia.

It has made other investments in the waste management industry, last year’s acquisition of SOILCO Pty Ltd, an Australian waste management company, being the latest.

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Reporting by Chibuike Oguh in New York; Editing by Sherry Jacob-Phillips

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