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Ironwood Capital Announces Exit from Investment in Lakeshore Recycling Systems

By on , Announcements

AVON, CONNECTICUT, September 21, 2021 – Ironwood Capital is pleased to announce an exit from its investment in Lakeshore Recycling Systems (“LRS”). Headquartered in Morton Grove, Illinois, LRS is the nation’s fifth largest privately held waste and recycling company servicing Illinois, Indiana, Iowa, Michigan, Minnesota and Wisconsin. LRS is led by industry veteran Alan Handley, CEO. Ironwood has extensive experience in the environmental services industry, completing more than a dozen platform investments in the waste management vertical.

“We have enjoyed working with Alan and his team at LRS during this time of rapid company growth,” stated Dickson Suit, partner and head of the Environmental Services team at Ironwood Capital. “LRS management has seamlessly executed its acquisition plan while maintaining high environmental standards and outstanding customer service.”

Since its formation in 2013, Lakeshore Recycling Systems has grown from a single location with 200 employees and annual revenues of less than $50 million to 1400 employees with $375 million of revenue becoming a super-regional leader in waste diversion and recycling. Handley said LRS’ rapid rise has helped the company compete in municipalities and states throughout the greater Midwest, and the company will continue to seek best-in-class acquisition opportunities.

About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies. Its debt-oriented, national platform has invested more than $900 million in over 95 companies since 2001. Ironwood currently invests in the form of subordinated debt and minority equity in amounts ranging from $8 million to $25 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit www.ironwoodcap.com.

Contacts
Carolyn C. Galiette
President and
Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com

Kathy Butler
Marketing and
Communications Director
(860) 409-2117
butler@ironwoodcap.com