January 16, 2026

Kinderhook Industries, LLC (“Kinderhook”), a leading middle market private equity firm, announced the closing of a single-asset continuation vehicle transaction for Ecowaste Solutions (“Ecowaste” or the “Company”), a newly formed waste services provider created through the combination of Live Oak Environmental and CARDS Recycling. Ecowaste represents Kinderhook’s 159th Environmental & Industrial Services acquisition since inception, and its ninth platform investment within the Solid Waste Management vertical. The transaction provides an optional liquidity event for Kinderhook’s limited partners while securing over $400 million in new equity capital to support continued organic growth and an active pipeline of strategic acquisitions. The continuation vehicle is anchored by Kinderhook Fund 8 and funds managed by Goldman Sachs Alternatives and Apollo S3.

The combination creates a leading, vertically integrated waste management platform with collection and post-collection operations across the Mid-South, a region benefiting from strong population growth and expanding commercial and industrial activity. Ecowaste is built around high-quality, differentiated assets and is well positioned to execute its proven value-creation playbook through organic growth initiatives, operational efficiencies, and strategic acquisitions.

“We are proud to partner with Goldman Sachs Alternatives and Apollo S3,” said Rob Michalik, Managing Director of Kinderhook. “This is a very exciting transaction for Kinderhook and our investors and represents the largest environmental services investment in our firm’s history. We look forward to continuing our partnership with CEO Dustin Reynolds and the Ecowaste Management Team as they lead the next phase of growth.”

“We are pleased to announce the Ecowaste brand and believe it marks an exciting next chapter for our business,” said Dustin Reynolds, Chief Executive Officer of Ecowaste Solutions. “The Company is built around a shared commitment to service, safety, and operational discipline. With Kinderhook’s continued backing and new growth capital, we are well positioned to expand our footprint, invest in our people and assets, and continue delivering high-quality service to our customers.”

“Under Kinderhook’s ownership, Live Oak and CARDS both successfully executed on aggressive growth strategies, collectively completing more than 35 add-on acquisitions resulting in established industry positions,” said Cor Carruthers, Managing Director of Kinderhook. “As a combined company, Ecowaste has meaningful scale, proven integration capabilities, and a deep pipeline of acquisition opportunities across its core markets.”

Jefferies served as financial advisor on the continuation vehicle transaction, and Stifel served as financial advisor and sole placement agent for the debt financing. Kirkland & Ellis LLP served as legal advisor. Debt financing for the transaction was provided by a syndicate led by Ares Capital with participation from MidCap Financial, Willow Tree, and the Stifel Lending Program.

For additional information about this transaction, please contact: 
Robert Michalik
Managing Director
(212) 201-6789
[email protected]
 
Corwynne Carruthers
Managing Director
(212) 201-6799
[email protected]
 
Joshua Fontenot
Vice President
(212) 201-6784
[email protected]