Alcentra Capital Corporation (NASDAQ:"ABDC") is pleased to announce the combination of the Connecticut and Somers, New York operations of City Carting Holding Company with Tunnel Hill Partners, LP, which closed on June 3, 2016 in a cash and stock transaction.
We are extremely excited to have closed this transaction," said William W. Gay, Chief Executive Officer of Tunnel Hill Partners. "The combination of our two companies makes us one of the largest integrated waste management companies in the Northeast and aligns perfectly with our goal of maximizing shareholder value through focus on long-term growth and stability. It provides us the opportunity to expand our service offerings to a wide customer base in attractive, dense and affluent markets. Scale benefits aside, this transaction will provide us with immediate synergies and other cost saving opportunities."
The assets joining Tunnel Hill Partners consist of collection and hauling operations of municipal solid waste, construction and demolition debris, and recyclables for commercial, industrial, residential and municipal customers; four transfer stations and one material recovery facility; and management contracts for five municipal transfer stations. In 2015, these operations generated in excess of $110 million in revenue and disposed approximately 700,000 tons of waste.
ABOUT TUNNEL HILL PARTNERS
Tunnel Hill Partners, based in Jericho, New York, is the largest waste-by-rail service provider in the United States. Led by a management team with over 160 years of combined experience in the waste industry, the company's assets include two rail-served Subtitle D landfills in Ohio, one rail-served beneficial reuse facility inPennsylvania, five rail-served transfer stations in New York, New Jersey and Massachusetts, and one state-of-the-art construction and demolition processing facility in Massachusetts. The company is supported by American Infrastructure Funds, MLP, an innovative private investment firm specializing in real property, natural resource and infrastructure businesses.
About Alcentra Capital Corporation
Alcentra (www.alcentracapital.com) is an externally-managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Alcentra's investment objective is to generate both current income and capital appreciation primarily by making direct investments in lower middle-market companies in the form of subordinated debt and, to a lesser extent, senior debt and minority equity investments. Alcentra's investment activities are managed by its investment adviser, Alcentra NY, LLC.
About Alcentra NY, LLC
Alcentra NY, LLC is part of BNY Alcentra Group Holdings, Inc. ("Alcentra Group"), one of the world's leading sub-investment grade credit asset managers focusing on the U.S. and European markets. Alcentra Group has an investment track record that spans across more than 75 separate investment vehicles and accounts totaling approximately $27.9 billion (including accounts managed by Alcentra NY, LLC, Alcentra Ltd, and assets managed by Alcentra Group personnel for affiliates under dual officer arrangements.)
