SAN FRANCISCO & FORT WORTH, Texas & HOUSTON — TPG, a global alternative asset management firm, has entered into definitive agreements to acquire Waste Eliminator and Liberty Waste Solutions simultaneously from Allied Industrial Partners, a lower-middle market private equity firm. The acquisitions are being made through TPG's Transition Infrastructure strategy and mark the firm's third investment in its inaugural Transition Infrastructure fund.
Waste Eliminator is a full-service solid waste hauling, disposal, and recycling provider serving commercial and industrial customers across Georgia and South Carolina. Liberty Waste Solutions offers integrated waste and recycling services to residential, commercial, and municipal clients throughout North Carolina. Together, the two companies form a highly complementary platform with aligned customer bases, adjacent geographic footprints, and shared infrastructure across the Southeast.
Combined, the businesses will operate a network of 14 permitted facilities and more than 500 fleet vehicles, spanning collection, transfer, processing, recycling, composting, beneficial reuse, and disposal. The platform is designed to reduce dependence on third-party disposal infrastructure while improving service reliability and operational efficiency for customers across multiple waste streams, including municipal solid waste, organics, commercial and industrial, and specialty waste.
The Southeast represents one of the country's most dynamic waste markets, with sustained population growth and expanding commercial and industrial development driving long-term demand for local waste infrastructure. Today, the combined platform diverts approximately 60% of waste volumes away from landfills through beneficial reuse programs, with that figure expected to grow as planned composting capacity expansions come online. TPG intends to accelerate investment in landfill diversion, composting, and recycling over the course of its ownership.
"Our transaction aims to create a waste infrastructure provider in one of the fastest-growing regions of the U.S.," said JD Vargas, Partner at TPG Transition Infrastructure. "Waste Eliminator and Liberty Waste Solutions bring together a differentiated network of permitted assets across Georgia, North Carolina, and South Carolina, with capabilities across the waste value chain. In a region where waste volumes are growing, we see a meaningful opportunity to support the companies' growth while expanding composting, recycling, and other sustainable waste solutions across the Southeast."
Allied Industrial Partners, which acquired both businesses separately and built them into scaled regional operators, expressed confidence in the transition. "Over the course of our ownership, Allied partnered with management to transform both Liberty Waste and Waste Eliminator into regional operators with expanded waste management and recycling services, featuring modern fleets and the latest dispatch technology," said Bradford Rossi and Philip Wright, Co-Founders and Managing Partners at Allied. "We are confident that TPG is the right partner to guide the companies' next chapters."
The leaders of both companies shared enthusiasm for the path ahead. "This transaction marks an exciting next chapter for Waste Eliminator and reflects the strength of the platform our team has built across Metro Atlanta and the broader Southeast," said Kacy Cronan, CEO of Waste Eliminator. Rick Prather, CEO of Liberty Waste Solutions, added that the combination "brings together complementary operations, infrastructure, and expertise that will strengthen our ability to serve customers across the Southeast."
The acquisition builds on TPG's track record in environmental services and follows two prior investments under the Transition Infrastructure fund: Kinetic, the largest bus operator in Australasia, and Altus Power, the largest owner of commercial-scale solar in the United States.
The transactions are expected to close by the third quarter of 2026, pending customary regulatory approvals. Financial terms were not disclosed. Houlihan Lokey is serving as financial advisor to Waste Eliminator, Stifel is advising Liberty Waste Solutions, Simpson Thacher & Bartlett is acting as legal counsel to TPG, and Kirkland & Ellis is representing Allied Industrial Partners.
Original release distributed via Businesswire.
