January 30, 2018
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced today the acquisition of a new platform investment, Gold Medal Services, LLC (“Gold Medal” or the “Company”), in conjunction with a newly formed partnership with BioHiTech Global (“BioHiTech”) (OTCQB: BHTG). Gold Medal represents Kinderhook’s 32nd environmental services acquisition since inception. Financial terms of the transaction were not disclosed.
Gold Medal, headquartered in Deptford, New Jersey, is a market leader in municipal, commercial and industrial solid waste collection as well as commercial recycling processing and brokerage. Gold Medal currently provides collection services to 6,000 commercial and industrial locations and over 150,000 residences in the Philadelphia and Southern New Jersey markets.
“We are very excited to partner with Kinderhook at this inflection point in the Company’s history,” Glen Miller, Gold Medal’s Founder, stated. “The recapitalization will enable the Company to expand its service footprint in Philadelphia and South New Jersey, and build on our strong history of acquisitions.”
BioHiTech is a green technology company that develops and deploys cost effective, innovative and disruptive waste management technologies. Gold Medal has entered into a management services agreement with BioHiTech to provide executive oversight of its operations, leveraging the significant experience and proven leadership skills of BioHiTech’s management team in the waste services industry.
“I am pleased to partner with Kinderhook,” stated Frank E. Celli, Chief Executive Officer of BioHiTech. “Their extensive experience in environmental services and emerging technologies, coupled with their significant financial resources, make them a valuable partner for BioHiTech as we begin to utilize our proprietary technology to set a new standard for sustainable and cost effective waste disposal in the United States.”
“Gold Medal has established itself as a leading independent collection business within the Philadelphia and Southern New Jersey markets,” said Rob Michalik, Managing Director at Kinderhook. “We believe that our capital, resources and industry expertise will help accelerate the Company’s significant market potential via both organic and acquisition-driven growth.”
Financing for the transaction was provided by Comerica Bank. Kirkland & Ellis LLP served as legal counsel to Kinderhook.