CHARLOTTE, North Carolina – Ridgemont Equity Partners, a buyout and growth capital investor, today announced a growth investment in Northstar Recycling Company, LLC (“Northstar” or the “Company”) alongside Company Founders Seth Goodman and Noah Goodman. Northstar is a lightweight provider of sustainability-focused waste management and recycling solutions for major food, consumer packaged goods and other industrial customers. The Company provides manufacturers and distributors of multiple facilities with a centralized solution to manage and divert industrial waste streams to beneficial reuse applications. Seth Goodman and Noah Goodman will retain their roles as CEO and Chairman of Northstar respectively after the transaction.
“Seth and Noah Goodman and the rest of the Northstar team have built a highly differentiated business by helping large, sophisticated, consumer-oriented companies achieve their zero waste to landfill and sustainability goals,” said Ryan Jack, Director of Ridgemont. . “Northstar’s core value proposition to its customers is a comprehensive solution to divert industrial waste streams from landfills to more sustainable outlets, while providing improved tracking and reporting of waste diversion results through the the company’s proprietary technology platform. We look forward to working with the Northstar team to expand the company’s service offering to existing and new customers while maintaining the company’s steadfast goal of enabling the beneficial reuse of salvageable materials.
“We are delighted to announce our new partnership with Ridgemont and begin the next chapter of growth for Northstar,” said Seth and Noah Goodman in a joint statement on behalf of the company. “With additional resources and support, we will be able to expand our services for our existing customers and recycling partners, serve a wider customer base, and create a larger-scale platform providing complete solutions of waste management. Ridgemont shares our focused vision of continuing to help businesses recycle more and landfill less, and we look forward to working with the Ridgemont team to execute our growth strategy.
Along with Ridgemont’s investment in Northstar, Seth and Noah Goodman, in partnership with executives from Ridgemont and Cowen and Company, LLC (“Cowen”), created the Northstar Sustainability Fund, which focuses on making commitments. long term to charities that positively impact local communities by encouraging food donation, landfill diversion, beneficial reuse of resources, and other environmental, social and governance initiatives.
Financing for the transaction was provided by Barings, Cliffwater Corporate Lending Fund and PNC Erieview Capital. Goodwin Procter LLP acted as legal counsel to Ridgemont. Cowen and Finn Dixon & Herling LLP served as financial and legal advisors to Northstar, respectively. Moore & Van Allen PLLC acted as legal counsel in relation to the organization of the Northstar Sustainability Fund. Financial terms of the transaction were not disclosed.
About Northstar Recycling Company
Northstar is a lightweight provider of sustainability-focused waste management and recycling solutions for major food, consumer packaged goods and other industrial customers. The Company helps its customers recycle more and landfill less by diverting organic and other waste streams from landfills to a variety of beneficial reuse applications with the support of its strong network of recycling partners. Northstar’s proprietary technology platform offers enhanced reporting and analytics capabilities that allow customers to track sustainability initiatives and value recovery results in real time. www.northstarrecycling.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based private equity and growth investor. Since 1993, Ridgemont executives have invested more than $ 5.5 billion. The company focuses on equity investments up to $ 250 million and employs a proven industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was established in 2018 and has committed capital of $ 1.65 billion. www.ridgemontep.com