EAST LONGMEADOW, Mass. (News release) -- Northstar Recycling Company, LLC ("Northstar"), a national leader in sustainability-oriented managed waste and recycling solutions, announced the acquisition of Sonoco Sustainability Solutions ("S3"), another asset-light managed service provider of customized waste diversion programs that operated over the last 17 years as a division of global packaging leader Sonoco (NYSE: SON). Both Northstar and S3 serve multi-facility manufacturers and distributors across the food, consumer packaged goods, and industrial sectors with a centralized solution to manage and divert industrial waste streams into beneficial reuse applications. Northstar is a portfolio company of Ridgemont Equity Partners, a middle market private equity firm. Financial terms of the transaction were not disclosed.
"We are pleased to be joining forces with S3 to expand our combined capabilities, customer base, and subject matter expertise," said Seth Goodman and Noah Goodman in a joint statement on behalf of Northstar. "The Northstar platform has been purpose-built to provide a comprehensive solution for managing industrial waste streams and diverting recoverable materials away from landfills into more sustainable outlets on behalf of our environmentally-conscious customers. S3's business model is highly-complementary to that of Northstar, and this acquisition enhances the combined business' ability to serve current and future customers and vendors at scale. We welcome the S3 team to Northstar and look forward to working together to continue to provide differentiated solutions to our combined customer base."
"S3 and Northstar have shared the same mission for many years, which is to help develop innovative and executable strategies for companies to reduce their environmental footprints and increase their sustainability efforts by turning material waste into a material resource," said Palace Stepps, President of Sonoco Recycling, LLC. "S3's combination with a market leader like Northstar elevates and further substantiates the important work that the S3 team has been pursuing for nearly two decades on behalf of Sonoco's clients given our mutual commitment to redefining waste streams. Sonoco looks forward to continuing a strategic relationship with Northstar, as we remain committed to the business' success in partnership with the founders of Northstar and Ridgemont Equity Partners."
About Northstar Recycling Company
Northstar is an asset-light provider of sustainability-oriented managed waste and recycling solutions to leading food, consumer packaged goods, and other industrial clients. Northstar helps its customers recycle more and landfill less by diverting organic and other waste streams from landfills into a variety of beneficial reuse applications with the support of its robust network of recycling outlet partners. www.northstarrecycling.com
About Sonoco
Founded in 1899, Sonoco (NYSE:SON) is a global provider of packaging products. With net sales of approximately $5.6 billion in 2021, the Company has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world's best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products, and a better world, for our customers, employees and communities. The Company ranked first in the Packaging sector on Fortune's World's Most Admired Companies for 2022 as well as being included in Barron's 100 Most Sustainable Companies for the fourth consecutive year. For more information on the Company, visit our website at www.sonoco.com.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business and tech-enabled services, industrial growth, and healthcare sectors for nearly three decades. The principals of Ridgemont have refined a proven, industry-focused model designed to build distinctive middle market companies. For more information, please visit www.ridgemontep.com.
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