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PA Capital and Glouston back waste and recycling GP-led

The process on Coastal Waste & Recycling was around $90m in size including follow-on capital, Secondaries Investor understands.

PA Capital has led a single-asset process focused on a Florida waste and recycling business.

Coastal Waste & Recycling, a portfolio company managed by Summer Street Capital Partners, was transferred into a continuation vehicle backed by the secondaries firm, Glouston Partners and Unigestion, according to a statement. An undisclosed number of limited partners rolled as part of the process run by Sixpoint Partners.

The continuation vehicle was around $90 million in size, around a third of which was follow-on capital, according to a source with knowledge of the process. The asset was originally held by the 2011-vintage Summer Street Capital III, which counts Employees Retirement System of Texas and Maryland State Retirement and Pension System among its investors.

Buffalo-headquartered Summer Street specialises in environmental services and niche manufacturing. It has around $500 million in assets under management, according to PEI data.

Coastal is a waste services and recycling company that serves residential, municipal, industrial and commercial customers in Florida and parts of the Southeast US. The firm has made 14 acquisitions since its foundation in 2017.

“The new fund provides Coastal the capital and time to continue its growth. We are excited to continue to support Coastal and help the leadership team capitalise on the many opportunities that exist for the company,” said Brian D’Amico, managing partner at Summer Street Capital.

PA Capital, formerly known as Private Advisors, is in market with its sixth secondaries fund targeting $500 million, Secondaries Investor reported in July. The firm targets private equity secondaries in the US lower mid-market and has an investment range of $5 million to $50 million in size.