TPG announced that it has signed definitive agreements to acquire Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners.
The acquisitions are being made through TPG’s Transition Infrastructure strategy. Financial terms of the transactions were not disclosed.
Waste Eliminator is a regional provider of solid waste hauling, disposal, and recycling services for commercial and industrial waste generators in Georgia and South Carolina. Liberty Waste Solutions provides integrated waste and recycling solutions in North Carolina.
Together, the companies are expected to create a diversified regional waste infrastructure platform serving industrial, commercial, municipal, and residential customers across the Southeastern U.S.
The companies have complementary geographic footprints, customer bases, and infrastructure assets. The combined platform is expected to serve customers across municipal solid waste, organics, commercial and industrial waste, and specialty waste streams.
TPG said the Southeast waste market is supported by rapid population growth, commercial and industrial development, and ongoing demand for local waste infrastructure.
The combined businesses are expected to operate a differentiated network of 14 permitted facilities and more than 500 fleet vehicles across collection, transfer, processing, recycling, composting, beneficial reuse, and disposal. TPG said the platform is expected to improve service reliability, increase operational efficiency, and reduce reliance on third-party disposal infrastructure.
The companies currently divert approximately 60% of waste volume from landfills to beneficial reuse, and that figure is expected to increase as planned composting expansions come online. TPG Transition Infrastructure plans to support continued investment in landfill diversion, composting, recycling, and other sustainable waste solutions.
The acquisition builds on TPG’s experience investing in mission-critical environmental services businesses. It is the third transaction in TPG’s inaugural Transition Infrastructure fund, following its acquisition of Kinetic and the take-private of Altus Power.
The transaction is expected to close by the third quarter of 2026, subject to customary approvals and closing conditions.
Houlihan Lokey is serving as financial advisor to Waste Eliminator, while Stifel is serving as financial advisor to Liberty Waste Solutions. Simpson Thacher & Bartlett is serving as legal counsel to TPG, and Kirkland & Ellis is serving as legal counsel to Allied Industrial Partners.
KEY QUOTES:
“Our transaction aims to create a waste infrastructure provider in one of the fastest-growing regions of the U.S. Waste Eliminator and Liberty Waste Solutions bring together a differentiated network of permitted assets across Georgia, North Carolina, and South Carolina, with capabilities across the waste value chain. In a region where waste volumes are growing, we see a meaningful opportunity to support the companies’ growth while expanding composting, recycling, and other sustainable waste solutions across the Southeast.”
JD Vargas, Partner at TPG Transition Infrastructure
“Over the course of our ownership, Allied partnered with management to transform both Liberty Waste and Waste Eliminator into regional operators with expanded waste management and recycling services, featuring modern fleets and the latest dispatch technology. We are proud of the growth Liberty Waste and Waste Eliminator have achieved and are confident that TPG is the right partner to guide the companies’ next chapters.”
Bradford Rossi and Philip Wright, Co-Founders and Managing Partners at Allied Industrial Partners
“This transaction marks an exciting next chapter for Waste Eliminator and reflects the strength of the platform our team has built across Metro Atlanta and the broader Southeast. By partnering with TPG, we believe we will be exceptionally well-positioned to expand our capabilities, invest further in sustainable waste infrastructure, and deliver even greater value to the customers we serve.”
Kacy Cronan, Chief Executive Officer of Waste Eliminator
“We are proud to have worked with Allied to build a strong platform focused on delivering dependable, customer-first waste and recycling solutions. Together with Waste Eliminator and TPG, we believe this transaction brings together complementary operations, infrastructure, and expertise that will strengthen our ability to serve customers across the Southeast. We look forward to continuing to invest in service quality, sustainable waste solutions, and the communities and customers that rely on us every day.”
Rick Prather, Chief Executive Officer of Liberty Waste Solutions
