Kinderhook Backed Gold Medal Group Acquires Solid Waste Management and Resource Recovery Facility in Philadelphia
August 6, 2018
Company sees opportunity to transform the site into an “Eco-Park” to provide the City of Philadelphia with additional sustainable disposal services
DEPTFORD, N.J. – Gold Medal Group, and its wholly-owned subsidiaries (collectively “GMG”) announced today the acquisition of Envirowaste LLC and Commonwealth Commons, LLC, two companies that own and operate a fully permitted solid waste management and resource recovery facility located on 4.7 acres in South Philadelphia (“Envirowaste”).
Envirowaste is permitted for the processing of 1,000 tons of construction material and municipal solid waste per day. The LEED Certified facility provides construction and demolition recycling services utilizing an automated material sorting and recovery system. The Envirowaste acquisition gives GMG control over a strategically located disposal asset in the Philadelphia market, where the Company currently collects approximately 150,000 tons of waste per year. The Envirowaste facility has direct rail service with Conrail to enable efficient and more environmentally friendly transportation of outbound materials, that cannot be recovered or recycled, to landfill destinations in the Northeast.
As part of the acquisition, GMG acquired an option to purchase 4.5 acres of adjacent property to support the potential expansion of the facility. GMG sees a future opportunity to transform the entire site into an Eco-Park for the City of Philadelphia through the addition of expanded recycling operations and other sustainable services. GMG is also having preliminary discussions with BioHiTech Global, Inc. (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, to explore the possibility of co-developing a HEBioT renewable waste facility at the site, similar to the facility in Martinsburg, West Virginia that is expected to commence operations later this year which the companies co-own. BioHiTech controls the exclusive U.S. development rights for this patented HEBioT solid waste processing technology in 11 northeastern states and the District of Columbia.
“We are excited about the expansion of our operations in the Philadelphia market through the acquisition of Envirowaste,” said Mike Schmidt, Executive Vice President of GMG. “This acquisition not only provides us with a better ability to service our growing customer base in Philadelphia and the surrounding area, but it also serves to demonstrate our commitment to building more sustainable operations. Our option to acquire additional property at the site also gives us the ability create a future Eco-Park hub in the city and we look forward to exploring that possibility with our partners at Kinderhook and BioHiTech, as well as the City of Philadelphia.”
“We are pleased to have assisted Gold Medal in strengthening its operations through the acquisition of Envirowaste,” said Rob Michalik, Managing Director at Kinderhook. “Envirowaste represents a highly strategic acquisition for Gold Medal’s expansion plans in the Philadelphia area and provides a unique platform opportunity for sustainable waste management within one of the largest cities in the country. We are committed to supporting Gold Medal’s regional expansion efforts and look forward to helping the company build value through more sustainable waste management services in the coming years.”