Summer Street Capital Invests in Medical Waste Disposal Leader Curtis Bay Energy

[4/2/2012] Summer Street Capital Invests in Curtis Bay Energy

Partnership Enables Curtis Bay Energy’s Management Team to Accelerate Growth through Continued Investment in the Regulated Medical Waste Disposal Industry, Complementing Summer Street Capital’s Longstanding Presence and Expertise in Solid Waste Disposal

 

BUFFALO, N.Y. – March 30, 2012 - Private equity firm Summer Street Capital III, L.P. has invested in Curtis Bay Energy, a leading regulated medical waste (RMW) disposal company serving a growing number of leading hospitals and health care providers across the East Coast Region.

 

Steven Groenke, an industry leader who has built relationships on trust and integrity, will continue to serve as the company’s president and chief executive officer. Groenke has served in this capacity at Curtis Bay Energy for the past seven years, during which time the company doubled its revenues and increased its base of satisfied customers by 30 times.

 

“This partnership with Summer Street will further enhance Curtis Bay Energy’s strong capital position, enabling us to accelerate our growth plans,” Groenke said. “We’re actively evaluating opportunities for external expansion in the RMW market, even as we invest in our infrastructure and service offerings. This is great news for our existing customers and dedicated associates, as we continue to focus on providing hospitals and medical professionals with the safest, most effective and most economical methods for managing regulated medical waste.”

 

Summer Street Capital has been an active and significant equity investor in the environmental services industry for nearly a decade. This latest partnership with the Baltimore-based management team at Curtis Bay Energy is designed to serve as a platform for additional long-term investment in the RMW industry, while complementing Summer Street’s established presence in solid waste disposal.  

 

“Curtis Bay Energy presented a unique opportunity to participate in a large and growing segment of the waste disposal industry, while at the same time leveraging our experience growing vertically integrated, customer-focused waste management companies,” said Summer Street Managing Partner Brian D’Amico, who heads the firm’s environmental services investment team. “The added financial resources and expertise that Summer Street provides when partnering with companies enables managers like Steve and his great team at Curtis Bay Energy to participate in growth opportunities, take their businesses to the next level, and build enduring legacies at the enterprises they’ve created. We’re excited by the potential that exists for this industry and the significant role that Curtis Bay Energy will play in the sector.”

 

Recently, Summer Street acquired Apple Valley Waste, a provider of solid waste collection, recycling, and disposal services serving Berkley and Jefferson Counties in West Virginia and Washington County, Md. More information on Summer Street’s waste management expertise and investments is available at www.summerstreetcapital.com/WhatWeDo/EnvironmentalServices.aspx.

 

Curtis Bay Energy currently employs 82 professionals who develop and implement comprehensive medical waste management services for customers located on the East Coast. The company is expected to grow rapidly as it builds upon its RMW industry leadership position. Summer Street partnered with Ironwood Capital and Comerica Bank to finance the transaction.

 

About Curtis Bay Energy LP

Curtis Bay Energy LP is a leading provider of regulatory compliant medical waste transportation, disposal and consulting services to hospitals, medical offices, pharmacies and other healthcare providers. Headquartered in Baltimore, Md., the company is strategically located to service major metropolitan areas in the Eastern United States. The company is dedicated to serving hospitals and other medical institutions with customized, professional responses to all medical waste disposal challenges, and it has enjoyed an excellent track record of regulatory compliance since it began commercial operation in 1991. Visit www.curtisbayenergy.com for additional information.

 

About Summer Street Capital Partners LLC

Summer Street Capital Partners LLC, founded in 1999, is a Buffalo, N.Y.-based private equity fund with approximately $450 million of committed capital is focused on investing in small-market companies. The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies. Summer Street’s investors include leading pension funds, insurance companies, and banking institutions. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations. The investment team is complemented by a team of experienced operating partners who are integrally involved in assisting portfolio companies. Visit www.summerstreetcapital.com for additional information.



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