TPG Acquires Waste Eliminator and Liberty Waste Solutions to Build Southeast US Sustainable Waste Platform

TPG has signed definitive agreements to simultaneously acquire Waste Eliminator, a regional provider of solid waste hauling, disposal and recycling services in Georgia and South Carolina, and Liberty Waste Solutions, a provider of integrated waste and recycling solutions in North Carolina, through its TPG Transition Infrastructure strategy. The two businesses, currently owned by Allied Industrial Partners, have complementary geographic footprints, customer bases and infrastructure assets spanning commercial, industrial, municipal and residential customers across one of the fastest-growing regions of the United States. Together the companies operate a network of 14 permitted facilities and more than 500 fleet vehicles covering collection, transfer, processing, recycling, composting, beneficial reuse and disposal, with the combined platform currently diverting approximately 60 percent of waste volumes away from landfills toward beneficial reuse with further increases expected as planned composting expansions come online.

 

The Strategic Rationale and Geographic Opportunity

 

JD Vargas, Partner at TPG Transition Infrastructure, said the transaction aims to create a waste infrastructure provider in one of the fastest-growing regions of the US, noting that the differentiated network of permitted assets across Georgia, North Carolina and South Carolina with capabilities across the waste value chain positions the platform to expand composting, recycling and other sustainable waste solutions across the Southeast. The Southeast waste market is supported by rapid population growth, commercial and industrial development and enduring demand for local waste infrastructure, providing a structural growth tailwind that makes the region one of the most attractive in the US for waste infrastructure investment. The combination of Waste Eliminator and Liberty Waste Solutions creates geographic contiguity across three adjacent states that enables route density improvements, shared infrastructure utilisation and coordinated expansion of sustainable waste diversion capabilities.

The 14-permitted-facility network across the combined platform provides a significant competitive moat in a sector where permitting new waste processing and disposal infrastructure is time-consuming, expensive and subject to community and regulatory resistance. These permitted assets represent an irreplaceable infrastructure position that new entrants cannot easily replicate, giving the combined platform durable competitive advantages that support long-term investment returns alongside the sustainability mission of increasing landfill diversion rates. TPG Transition Infrastructure plans to support continued investment in landfill diversion, composting and recycling throughout its ownership, aligning the commercial value creation strategy with measurable circular economy outcomes.

 

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Circular Economy Investment and Landfill Diversion Targets

 

The approximately 60 percent landfill diversion rate already achieved by the combined platform is significantly above industry averages for regional waste operators, reflecting the investment in composting, beneficial reuse and recycling infrastructure made during Allied Industrial Partners' ownership. TPG's commitment to continuing and expanding these capabilities positions the acquisition within the circular economy investment thesis that has become central to ESG-focused infrastructure investing, where the ability to measure and improve waste diversion rates provides quantifiable sustainability performance metrics that resonate with limited partners in sustainability-focused funds. The planned composting expansions that are expected to increase diversion rates further provide a near-term investment pipeline that TPG can execute within its ownership period to demonstrate measurable sustainability progress.

Bradford Rossi and Philip Wright, Co-Founders and Managing Partners at Allied, said Allied partnered with management to transform both businesses into regional operators with expanded waste management and recycling services, modern fleets and the latest dispatch technology. The technology investment in dispatch systems is commercially important because route optimisation and real-time fleet management reduce fuel consumption, vehicle miles travelled and operational costs while improving service reliability, creating a commercial and sustainability co-benefit that strengthens the investment case. Kacy Cronan, Chief Executive Officer of Waste Eliminator, said the TPG partnership will position the company to expand capabilities, invest further in sustainable waste infrastructure and deliver greater value to customers.

 

TPG Transition Infrastructure Strategy and Portfolio Context

 

The Waste Eliminator and Liberty Waste Solutions acquisition is the third transaction in TPG's inaugural Transition Infrastructure fund, following the acquisition of Kinetic, the largest bus operator in Australasia and a leading multi-modal mass transit operator globally, and the take-private of Altus Power, the largest owner of commercial-scale solar in the US. This portfolio construction across mass transit, commercial solar and sustainable waste management reflects a deliberate strategy of building a diversified transition infrastructure portfolio across multiple environmental services sectors rather than concentrating in a single clean technology category. The waste management investment complements the clean energy and clean transportation positions by addressing the circular economy and waste reduction dimensions of the sustainability transition that are distinct from but interconnected with energy decarbonisation.

Rick Prather, Chief Executive Officer of Liberty Waste Solutions, said the transaction brings together complementary operations, infrastructure and expertise that will strengthen the ability to serve customers across the Southeast, and expressed commitment to continuing to invest in service quality, sustainable waste solutions and the communities and customers that rely on the business. The combination of TPG's capital and operational improvement resources with the established management teams and customer relationships of both Waste Eliminator and Liberty Waste Solutions creates the conditions for accelerated growth and sustainability performance improvement that neither company could easily achieve independently.

 

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Outlook for Sustainable Waste Infrastructure Investment

 

The TPG acquisition of Waste Eliminator and Liberty Waste Solutions reflects the growing institutional investor conviction that regional waste management businesses with high landfill diversion rates and composting capabilities represent attractive transition infrastructure investments that combine essential service economics with measurable circular economy impact. The Southeast US market's population and commercial growth dynamics provide a compelling demand backdrop for continued infrastructure investment, while the existing permitted asset network and management track record reduce the execution risk that typically accompanies organic growth strategies in highly regulated environmental services sectors. The transaction is expected to close by the third quarter of 2026 subject to customary approvals.

Whether TPG can accelerate the composting expansion pipeline and increase landfill diversion rates materially beyond the current 60 percent level while sustaining service quality and customer growth will be the primary operational test of the investment thesis over the holding period. Sustained delivery on both the commercial growth and sustainability diversion targets would establish the combined platform as a reference case for how private equity transition infrastructure strategies can create financial returns and measurable circular economy impact simultaneously in the US waste management sector.

 

Source: TPG