Goldman Sachs Invests in Lakeshore Recycling Systems

Lakeshore Recycling Systems raises capital to further its organic and acquisition-driven growth initiatives

Morton Grove, Illinois, UNITED STATES

CHICAGO, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Lakeshore Recycling Systems (“LRS” or “the Company”), the largest private waste company in Illinois, today announced it has completed a recapitalization led by Goldman Sachs Private Capital Investing and Maple Partners. The investment will enable LRS to continue to grow its operations and provide its customers with best-in-class service. The Company’s existing executive team will continue to lead LRS, and the new ownership structure will not impact operations.

LRS’ recapitalization follows a year of aggressive growth as evidenced by the Company’s acquisition of three leading regional waste services and recycling companies and the awarding of numerous large municipal contracts. Last month, LRS acquired DC Trash of Illinois, an independent waste and recycling collection provider serving 30,000 customers in Chicago’s western suburbs. The acquisition was LRS’ 6th of a Chicago-area independent waste and recycling company over the past four years, as the Company expands its operations and geographic service area throughout Illinois. 

“We are delighted that Goldman Sachs invested in LRS as it allows us the ability to grow and expand our service offerings in both Illinois and throughout the Midwest more broadly. With Goldman Sachs supporting us, we expect to continue to invest in innovative waste collection, recycling and waste diversion services. Delivering high-quality service to our customers is critical to our success, and will remain our focus going forward,” said LRS Chief Executive Officer Alan T. Handley.

In just five years, LRS has grown annual revenues in excess of $170 million and now counts more than 760 employees across greater Chicagoland. Since 2013, LRS has grown through a combination of strong organic growth coupled with strategic acquisition of independent waste collection companies. This growth has led to a large regional presence, and the Company continues to seek super-regional acquisition opportunities in Wisconsin, Indiana, Minnesota and Southwest Michigan. 

“We are excited to invest in LRS,” said Antoine Munfa of Goldman Sachs. “The Company’s high-quality service and impressive track record of innovation, especially its utilization of technology to improve recycling and diversion rates, differentiates LRS from its peers.”

William Blair served as lead advisor to LRS on the transaction. Much Shelist served as legal advisor and Capstone Partners LLC provided financial advisory services to the Company.

About Lakeshore Recycling Systems

Serving Chicagoland for nearly 20 years, Lakeshore Recycling Systems is the largest private waste company in Illinois, specializing in recycling and waste diversion programs, affordable roll-off container services, portable restroom rentals, mulch distribution, street sweeping, on-site storage options and comprehensive waste removal to Chicagoland businesses and residential homeowners. LRS owns and operates seven Material Recovery Facilities (MRFs), a fleet of fuel-efficient natural gas-powered trucks and is run by over 760 committed full-time employees. LRS is the recipient of the 2017 Illinois Sustainability Award, is a recipient of Chicago Public Schools' coveted Best Partnership Award, is ranked #35 on the latest Waste360's Top 100 Waste and Recycling Companies in North America and is a 2016 multi-Stevie award winning company with honors including Company of the Year, Most Innovative Company of the Year and Fastest Growing Company of the Year. Controlling over 2.3 million tons-per-year, LRS does not own a landfill and is committed to raising awareness for a more environmentally sustainable and scalable business model that fuels the circular economy. To learn more, visit

About Goldman Sachs Private Capital Investing

Private Capital Investing (“PCI”) is Goldman Sachs’ investment platform dedicated to providing junior capital to growth and middle market companies throughout North America. PCI invests $20 million – $150 million per transaction in the form of common, preferred, and structured equity. Contact:

Company Contact:
Meaghan Johnson
Director of Marketing
Lakeshore Recycling Systems

A photo accompanying this announcement is available at