Capstone Headwaters Waste & Recycling Coverage Report ......The North American Liquid Waste services market is expected to reach a market value of $42 billion by 2023, growing at a

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CONTRIBUTORS

Doug UsiferManaging Director [email protected]

John Wilson Associate [email protected]

October 2019www.capstoneheadwaters.com

Capstone Headwaters

North American Environmental Services (3.3%), Solid Waste (2.3%),Infrastructure & Soil Remediation (2.9%), and Liquid Waste (3.0%) markets areexpected to grow at their respective annualized rates until 2023, according tothe Environmental Business Journal.1 Despite a softening global economicoutlook, Waste & Recycling companies hold a defensible market position dueto stability in waste volumes, increasing municipality and local governmentprivatization of public services, and recurring revenue generation. As a result,the market is largely inelastic to economic downturns and presents a highlyattractive stable investment.

With 122 announced or closed mergers and acquisitions (M&A) year-to-date(YTD) 2019 in the Waste & Recycling industry, the sector has already outpacedall of 2018 volume. An influx of private equity (PE) activity is partly attributableto this increase, accounting for 50% of total volume through YTD 2019,compared to ~38% in all of 2018. Significant revenue visibility due to contract-based earnings and stable waste generation by residential and commercialcustomers allows PE firms to forecast financial performance with a higherdegree of confidence. Financial predictability coupled with marketfragmentation allows PE sponsors to build platform investments throughacquisitions in order to generate robust returns upon exit.

TABLE OF CONTENTS

M&A Overview Segment Highlight Active Buyers Select Transactions Public Company Data CSHW Deal Spotlight Firm Track Record

WASTE & RECYCLINGQ3 2019

MERGER & ACQUISTION OVERVIEW

Year-to-date ended September 5Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research

Buyer Breakdown: Waste & Recycling

31.1%

27.0%18.9%

23.0%STRATEGIC

PublicPrivate

FINANCIAL

DirectAdd-on

SEGMENT HIGHLIGHT: LIQUID WASTE

The North American Liquid Waste services market isexpected to reach a market value of $42 billion by 2023,growing at a compound annual growth rate (CAGR) of3%, compared to the 2.2% annualized growth from 2012to 2017, according to the Environmental Business Journal.Liquid waste service providers have significantly benefitedfrom a rise in consumer spending, steady levels ofindustrial production, and stringent waste disposalregulatory standards. In addition, sustainable energy useand green initiatives have supported not only liquid wastedisposal, but also value-added processing services.

The Non-Hazardous Liquid Waste sector is an essentialservice comprised of key categories including septic,grease (brown and yellow), sewer and water treatment,and waste-to-energy (e.g. anaerobic digestion). Asignificant portion of demand for liquid waste disposalcompanies is driven by the $863 billion US. Restaurantand Food Service sector. The yellow and brown greaseproduced by restaurants, if illegally disposed, can result insanitary sewage overflows (SSOs), a release of untreatedor partially treated sewage form a municipal sanitarysewer, and subsequently cause environmental and watersupply contamination.

Steady restaurant activity helps drive demand for yellowgrease (used cooking oil “UCO”) and brown greasedisposal processors. In addition to steady restaurantactivity, increasing urbanization and industrialization havepromoted expanded biofuels applications, supportingexpected growth in the UCO and Brown Grease industries,with the estimated global UCO market to grow 3.6% toreach a $773.5 million market value by 2026, according to

PROJECTED LIQUID WASTEINDUSTRY MARKET VALUE$42B

Source: Environmental Business Journal

DEMAND FOR NON-HAZARDOUS LIQUID WASTE SERVICES CONTINUES TO GROW

North American Liquid Waste Industry

Polaris Market Research.3 Increasing demand forsustainable energy solutions as well as the growingutilization of this grease as an additive in animal feed areexpected to provide growth opportunities for UCOrecycling providers.

The highly regulated nature of the industry producessignificant barriers to entry, supporting strong recurringrevenues and margin profiles among disposal andrecycling providers. The defensibility of the industry toeconomic downturns provides ample M&A opportunitiesthat generate steady cash flow investments, even ineconomic downswings. In June, Convent Capital acquiredthe Canadian operations of Renewi (LSE:RWI) for anenterprise value of ~$79.5 million, equating to ~15.6xEBITDA.4 Renewi Canada provides waste-to-productprocessing through tunnel composting and anaerobicdigestion, turning waste into green energy and compost.

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Waste & Recycling | Q3 2019

$33 $34 $35 $36 $37 $38 $40 $41 $42

$0$5

$10$15$20$25$30$35$40$45$50

2015 2016 2017 2018 2019 2020 2021 2022 2023

$ in

Bill

ions

Date Target Acquirer Target Description EV ($M)

09/16 Bishop-ThiemSeptic Services Wind River Offers full-service septic

services in Atlanta. -

09/05 Lyles Grease Trap Services LES Provides grease trap and

UCO services in AR. -

08/21 Action Environmental Valicor Operates a wastewater

treatment facility in IN. -

08/05 Mahopac Septic Wind River Offers septic and grease trap

pumping and other services. -

07/15 Rivergreen Water Recycling Valicor

Operates a wastewater treatment facility in KY. -

07/10 Valicor Pritzker Private Capital

Offers non-hazardous wastewater treatment. -

06/17 Renewi Canada

Convent Capital

Processes waste into green energy and compost. $79.5

04/01 R Crews Family Septic Wind River

Provides septic and grease trap services. -

03/25 Skyline Wind RiverProvides septic pumping, plumbing, and drain services. -

02/12 Tunnel Hill MacquarieProvides recycling, beneficial reuse, transfer, and disposal. -

Select 2019 Private Equity Transactions

The industry’s fragmented nature has prompted PE firmsto target scalable businesses and implement buy-and-build value creation strategies. Notably, Wind RiverEnvironmental, currently backed by Gryphon Investors,has acquired 82 businesses since its founding in 1999.Wind River has grown to become one of the leadingproviders of non-hazardous liquid environmental wastesolution in the U.S., seeking accretive, geographicexpanding tuck-ins to gain additional market share.

Capstone Headwaters expects contract-based, recurringrevenue businesses with scalable operations to continueto attract significant M&A interest from the PE sponsors.

Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research

Actual Projected

Target Target Description/Investment Rationale

Target Target Description/Investment RationaleWindsor Disposal Services Limited (WDS) was acquired by GFL in September for undiscloseddeal amount. Based in Ontario, WDS provides solid waste and recycling services to the city ofWindsor and surrounding communities. The company’s residential, commercial, industrial, andmunicipal customer base expands GFL’s footprint in the Windsor region.

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ACTIVE BUYERS


GFL Environmental, Inc. is one of the largest North American providers of diversifiedenvironmental services including non-hazardous solid waste management, infrastructure andsoil remediation, and liquid waste management. In July, GFL filed its IPO registration, citing proforma 2018 revenue of $2.7 billion and an adjusted EBITDA of $659 million, according to its F-1Registration Statement.5 GFL has completed 108 transactions since 2007, averaging an adjustedEBITDA multiple of 7.0x (excluding platform acquisitions). Its aggressive acquisition strategytargets complementary businesses that drive cost synergies by increasing route density andcollection volumes, as well as expand margins by leveraging its scalable infrastructure andadministrative capabilities.

Alpine Group’s Vancouver Island solid waste operations (part of its subsidiary, EvergreenIndustries Ltd.) were acquired by GFL in August. Deal terms were undisclosed. Founded in 1984,Alpine’s Vancouver Island operations include residential, commercial, and industrial solid wasteand recycling collection in addition to hauling, storage container rentals, and sorting centers.

Operations of Evergreen Industries Ltd., part of the

Maryland-based Soil Safe, Inc. recycles petroleum impacted soil for reuse outside of landfills. ItsCalifornia facility is the largest non-hazardous thermal treatment operation in the state, withadditional facilities in New Jersey and Maryland. The acquisition allows GFL to replicate itsleading Canadian petroleum impacted soil recycling service offerings in the U.S.

Founded in 1997, Waste Connections Inc. (NYSE:WCN) is an integrated solid waste servicescompany that provides non-hazardous waste collection, transfer, disposal, and recyclingservices in the U.S. and Canada. Waste Connections’ Q2 revenue totaled $1.37 billion withadjusted EBITDA of $425.3 million, representing a 10.5% and 7.5% YOY increase, respectively.6Waste Connections has been highly acquisitive, deploying over $1 billion in acquisitions in2018. The company’s outsized deal activity is expected to continue throughout 2019, acquiring~$160 million in annualized revenue from acquisitions through the first half of the year.

Canada Fibers Ltd. was acquired by GFL in July for an undisclosed sum. Canada Fibers operatesmaterial recovery facilities to provide recovery and processing of recyclable materials for theOntario municipal, commercial, and industrial markets. GFL will leverage Canada Fiber’s singlestream facility with its collection networks to expand its recyclable materials division.

Mountain Waste & Recycling Inc. was acquired in April for an undisclosed amount. Based inColorado, Mountain Waste & Recycling is a leading independent provider of solid wastecollection, serving over 100,000 customers in the north central mountains in Denver. Theacquisition advances Waste Connections operations in the Colorado market.

Harrisburg, Illinois-based Lewis Clark Recycling & Disposal Holdings, LLC (Lewis Clark) enteredinto an agreement to be acquired by Waste Connections in April (undisclosed). Lewis Clark isan integrated solid waste company with operations in southern Illinois, Iowa, and greater Omahaarea. The acquisition further develops Waste Connection’s presence in the Midwest.

American Disposal Services, Inc. was acquired by Waste Connections in December 2018,providing the company with annualized revenues of ~$175 million, according to the pressrelease.7 American Disposal provides solid waste collection and recycling services to ~400,000customers across Virginia, Maryland, Georgia, and Colorado.

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

09/17/19 Municipal Wastewater (PA)

Aqua Pennsylvania Wastewater

Provides wastewater treatment services in Pennsylvania. $276.5 - -

09/16/19 Bishop-ThiemSeptic Services

Wind River Environmental

Offers full-service septic pumping, grease trap pumping, drain-field services, and related services. - - -

09/10/19 GEEP Shift Recycling Provides electronic asset management and end-of-life electronics recycling services. - - -

09/05/19 Windsor Disposal Services GFL Environmental Provides garbage management, solid waste, and

recycling services. - - -

09/04/19 Emergent WasteSolutions

Dimension Five Technologies

Offers thermolysis system technology to convert waste materials into marketable products. - - -

08/16/19 R.J.G. Enterprises Kinderhook Industries

Provides environmental services to private and public industries. - - -

08/14/19 Lone Star/Delta Waste/Tanner Rd. J.F. Lehman Provides construction, demolition, and municipal solid

waste disposal and related environmental services. - - -

08/08/19 Onsite Environmental American AllWaste Offers non-hazardous liquid waste hauling and

treatment operations. - - -

08/08/19 Water Resources Kemco Systems Provides water and wastewater treatment solutions. - - -

08/06/19 Solid Waste of Evergreen GFL Environmental Comprises solid waste and recycling operations on

Vancouver Island. - - -

08/05/19 Mahopac Septic Wind River Environmental Provides waste and recycling services. - - -

08/01/19 Infiltrator WaterTechnologies

Advanced Drainage Systems Manufactures plastic chambers for water management. $1,080.0 3.9x 12.1x

08/01/19 W.I.S.E. Environmental US Ecology Offers equipment rental and repair, waste disposal,

and tank and box cleaning services. $17.8 - -

07/15/19 Boyas Excavating Pet & Pete Container Services Operates construction and demolition debris landfills. - - -

07/15/19 Rivergreen Water Recycling

Valicor Environmental

Provides non-hazardous centralized wastewater treatment services. - - -

07/10/19 Valicor Environmental PPC Partners Engages in the recycling of waste materials such as

petroleum contaminated liquids and ground water. - - -

07/09/19 Soil Safe GFL Environmental Recycles petroleum impacted soil into engineered products. - - -

07/05/19 Canada Fibers GFL Environmental Offers waste recycling services. - - -

06/24/19 NRC US Ecology Provides various environmental, compliance, and waste management services. $966.0 2.5x 10.6x

06/24/19 ProVyro Waste Services Boxx Sanitation Offers commercial and residential garbage and

recycling pick up services. - - -

06/21/19 Assets of Republic Services

Casella Waste Systems

Provides solid waste management services in Albany, NY and Cheshire, MA. - - -

Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research

SELECT TRANSACTIONS

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Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

06/20/19 WRP Containers; Poly-Mart Tank Holdings Manufactures water and rainwater harvesting tanks as

well as trash dumpers. - - -

06/17/19 Canadian Business of Renewi Convent Capital Provides waste treatment services including treatment

and recycling of organic waste to create compost. $79.5 3.9x 15.6x

06/11/19 LSC Environmental Ancor Capital Manufactures products to address erosion, odor, land

reclamation, waste cover, seeding, and dust. - - -

06/06/19 Koester 02 Partners Manufactures water and wastewater treatment and pumping equipment. - - -

05/31/19 Bin Dump’n Trash

Casella WasteSystems Provides waste recycling services. - - -

05/28/19 EarhTech Contracting Gold Medal Services Engages in waste management services. - - -

05/15/19 AXON Disposal Waste Industries Provides trash collection services. - - -

04/30/19 Central Maine Disposal

Casella Waste Systems

Provides garbage removal, recycling center service, and septic system services. - - -

04/26/19 Mountain Waste& Recycling Waste Connections Specializes in the removal and disposal of discarded

materials. - - -

04/25/19 Lewis Clark Recycling/Disposal Waste Connections Provides solid waste management and recycling

services. - - -

04/17/19 All-Pro Sanitation Santek Waste Services Offers waste collection services. - - -

04/15/19 Advanced Disposal Services Waste Management Provides solid waste collection and recycling services. $4,900.0 3.1x 11.5x

04/06/19 Bestway Disposal GFL Environmental Engages in solid waste collection and recycling services for commercial and residential clients. - - -

03/11/19 D & D Sanitation, Outreach Disposal

WCA Waste Corporation

Provides residential and commercial garbage collection services. - - -

03/11/19 Petro Waste Environmental

Waste Management

Offers solid waste disposal and waste processing solutions. - - -

03/06/19 Bend Garbage Company Republic Services Provides waste management, recycling, and hauling

services in Oregon. - - -

03/04/19 Coastal Ladies Carting

Waste Industries USA

Provides recycling, trash collection, roll off dumpster, and waste management services in North Carolina. - - -

02/12/19 Tunnel Hill Partners

Macquarie Infrastructure Partners

Provides recycling, beneficial reuse, transfer, and disposal in the Northeast. $590.0 - -

01/25/19 Lawn-Corps Organic Resource Management Provides recycling services for yard waste collections. - - -

01/04/19 Alabama Waste Disposal Solutions

Advanced Disposal Services

Provides waste collection, transportation anddisposal services. $15.0 - -

11/21/18 Knoxville Landfills Meridian Waste Operations

Operates the only two long-term construction and demolition (C&D) landfills in Knox County, Tennessee. CF CF CF

Note: CF = confidential; highlighted deals are Capstone Headwaters’ transactionsSource: Capital IQ and Capstone Headwaters Research

SELECT TRANSACTIONS

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PUBLIC COMPANY TRADING & OPERATING DATA

Price % 52 Wk Market Enterprise LTM EV / LTMCompany 09/10/19 High Cap Value Revenue EBITDA Margin Revenue EBITDAAdvanced Disposal Services, Inc. $32.50 98.5% $2,890.3 $4,791.3 $1,598.5 $370.9 23.2% 3.0x 12.9x

Casella Waste Systems, Inc. $41.34 86.6% $1,967.2 $2,531.1 $698.7 $128.7 18.4% 3.6x 19.7x

Charah Solutions, Inc. $2.48 28.3% $73.4 $337.5 $673.4 $66.4 9.9% 0.5x 5.1x

Clean Harbors, Inc. $76.19 95.2% $4,256.1 $5,764.4 $3,350.9 $500.5 14.9% 1.7x 11.5x

Covanta Holding Corporation $17.20 93.6% $2,248.2 $4,804.2 $1,876.0 $317.0 16.9% 2.6x 15.2x

Darling Ingredients Inc. $19.20 84.9% $3,163.2 $4,936.0 $3,328.1 $512.2 15.4% 1.5x 9.6x

Republic Services, Inc. $87.62 96.7% $28,104.2 $36,764.0 $10,171.6 $2,757.7 27.1% 3.6x 13.3x

Stericycle, Inc. $47.34 75.4% $4,313.7 $7,506.8 $3,383.5 $587.9 17.4% 2.2x 12.8x

U.S. Ecology, Inc. $62.79 81.9% $1,382.1 $1,720.2 $595.8 $122.7 20.6% 2.9x 14.0x

Waste Connections, Inc. $89.82 91.7% $23,676.9 $27,811.1 $5,157.1 $1,608.9 31.2% NM 17.3x

Waste Management, Inc. $117.62 96.6% $49,898.2 $60,777.2 $15,306.0 $4,314.0 28.2% 4.0x 14.1x

Mean 20.3% 2.6x 13.2x

Median 18.4% 2.7x 13.3x

Harmonic Mean 18.3% 1.8x 10.9x

EV = enterprise value; LTM = last twelve months$ in millions, except per share dataNM = Not Meaningful

34.7%31.0%

9.1%

30.3% 29.0%

21.5%

38.9% 38.1%

29.8%

41.2%38.1%

23.2%18.4%

9.9%14.9% 16.9% 15.4%

27.1%

17.4%20.6%

31.2% 28.2%

0%5%

10%15%20%25%30%35%40%45%

AdvancedDisposal

CasellaWaste

Systems

CharahSolutions

CleanHarbors

CovantaHolding

DarlingIngredients

RepublicServices

Stericycle U.S. Ecology WasteConnections

WasteManagement

Gross Margin % EBITDA Margin %

Last Twelve Month Margin Performance

Last Twelve Month 1-Year Revenue Growth

3.8%

11.9%

5.4%8.0%

2.2%

-7.8%

1.0%

-4.7%

13.5%

8.7%

4.7%

-10%

-5%

0%

5%

10%

15%

AdvancedDisposal

CasellaWaste

Systems

CharahSolutions

CleanHarbors

CovantaHolding

DarlingIngredients

RepublicServices

Stericycle U.S. Ecology WasteConnections

WasteManagement

Source: Capital IQ as of September 10, 2019

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7

Long-Term, High Capacity C&D Landfills acquired by MeridianWaste - November 2018, Confidential

Capstone Headwaters advised Knoxville Landfills, LLC (the “Company”) on itssale to Meridian Waste, an integrated solid waste services and technologycompany back by Warren Equity Partners. Terms of the deal wereconfidential.

Knoxville Landfills LLC, based in Knoxville, TN, owned and operated theonly two long-term construction and demolition (“C&D”) landfills inKnox County.

Knox County is a highly attractive economic region benefitting fromsolid and sustained business activity and significant corporate presence.Knoxville Landfills will continue to benefit from strong, consistentvolume being driven by the region’s solid economic outlook.

Owners desired liquidity and maximum valuation while delivering a solidpartner for employees to drive future business value.

CAPSTONE HEADWATERS DEAL SPOTLIGHT

has been acquired by

a portfolio company of

PROVEN RESULTS

Controlled transaction process maximized competition at all stages

Key buyers (strategic and financial) brought to the table

Identified and delivered the ideal partner for employees and owners

Fast process (6.5 months start to finish) Above average valuation – strong multiple and

enterprise value

KEY VALUE DRIVERS

More than 30 years of air space available with room to expand

High value in Knoxville location Attractive long-term customer base Steady recurring top-line growth Consistent high margins

[Capstone Headwaters] helped identify potential buyers and, through adetailed process, helped us select the ultimate purchaser from anumber of qualified offers. We could not have completed thetransaction without the knowledge, guidance, professionalism and hardwork of Capstone Headwaters.

- Kim Kimmons, OwnerKnoxville Landfills

“

”


FIRM TRACK RECORD

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Capstone Headwaters maintains an active Industrial & Manufacturing practice in the middle market, with Waste & Recyclingbeing an important vertical within our focus. This market presence allows Capstone Headwaters to provide Waste &Recycling companies with experienced, up-to-date market data and access to key decision makers among the industry’smost active acquirers and investors.

240,000 ton/year paper pulp plant in Washington which utilizes residual straw waste as the feedstock

$180 million capital raise

Leading liquid Waste & Recycling player based in New Englandhas been acquired by

Leading provider of Waste Services & Equipment that support global marine and shipping operators


Manufacturer of more than 200 highly engineered variations of grinders, screens and processing systems



MIDDLE-MARKET BOUTIQUE INVESTMENT

BANK OF THE YEAR

2019

US - DEBT FINANCING ADVISORY OF THE YEAR

2018

US MIDDLE MARKETS INVESTMENT BANK OF THE YEAR

2018

INVESTMENT BANKING FIRM OF THE YEAR

2019

TURNAROUND AWARDS

CITATIONS

1. Environmental Business Journal, “Environmental Industry Market Intelligence,” https://ebionline.org/environmental-business-journal-2/, accessed September 18, 2019.

2. Nation’s Restaurant News, “U.S. restaurant sales to reach record $863B in 2019, NRA says,” https://www.nrn.com/sales-trends/us-restaurant-sales-reach-record-863b-2019-nra-says, accessed September 17, 2019.

3. Market Study Report, “Used Cooking Oil (UCO) Market Share, Size, Trends, & Industry Analysis Report: Segment & Forecast, 2019 – 2026,” https://www.marketstudyreport.com/reports/used-cooking-oil-uco-market-share-size-trends-industry-analysis-report-by-source-restaurants-and-other-food-outlets-household-food-manufacturers-caterers-others-by-application-biodiesel-oleo-chemicals-animal-feed-others-by-regions-segment-forecast-2019-2026, accessed September 17, 2019.

4. Convent Capital, “Purchase of Renewi Canada,” http://www.conventcapital.nl/en/blog/purchase-of-renewi-canada/, accessed September 17, 2019.

5. SEC Edgar, “Form F-1 Gfl Environmental Holdings Inc.,” https://sec.report/Document/0001047469-19-004296/, accessed September 17, 2019.

6. Waste Connections, “Waste Connections Reports Second Quarter 2019 Results And Updates Full Year Outlook,” http://wasteconnections.investorroom.com/2019-07-29-Waste-Connections-Reports-Second-Quarter-2019-Results-And-Updates-Full-Year-Outlook, accessed September 24, 2019.

7. Waste Connections, “Waste Connections Completes Previously Announced Acquisition of Multi-Market Company,” http://wasteconnections.investorroom.com/2018-12-10-Waste-Connections-Completes-Previously-Announced-Acquisition-Of-Multi-Market-Company, accessed September 24, 2019.

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Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymaterially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subjectto change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters.The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. Thisreport may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information containedherein should not be construed as legal advice.


https://ebionline.org/environmental-business-journal-2/

https://www.nrn.com/sales-trends/us-restaurant-sales-reach-record-863b-2019-nra-says

https://www.marketstudyreport.com/reports/used-cooking-oil-uco-market-share-size-trends-industry-analysis-report-by-source-restaurants-and-other-food-outlets-household-food-manufacturers-caterers-others-by-application-biodiesel-oleo-chemicals-animal-feed-others-by-regions-segment-forecast-2019-2026

http://www.conventcapital.nl/en/blog/purchase-of-renewi-canada/

https://sec.report/Document/0001047469-19-004296/

http://wasteconnections.investorroom.com/2019-07-29-Waste-Connections-Reports-Second-Quarter-2019-Results-And-Updates-Full-Year-Outlook

http://wasteconnections.investorroom.com/2018-12-10-Waste-Connections-Completes-Previously-Announced-Acquisition-Of-Multi-Market-Company

WASTE & RECYCLING REPORT CONTRIBUTORS

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Doug UsiferManaging [email protected] | 908-432-7792

Dr. Doug Usifer, Managing Director, joined Capstone Headwaters from Atlas Advisors where he focusedon the firm’s Industrials practice. He has over 20 years of experience in investment banking andindustrial sectors including chemicals, plastics, waste and scrap metal. Prior to Atlas, Doug worked atNational Starch as Business Director, Food Emulsions and Encapsulation, where he was General Managerof a $40MM global specialty food ingredients business. He also worked on M&A transactions includingNational Starch's acquisition of Penford's resistant starch business.

Prior to National Starch, Doug worked at Engelhard Corporation in several capacities, including BusinessDevelopment Manager, Corporate New Ventures; Marketing Manager, Special Effect Pigments;Manager, Technology and Market Development, Performance Additives/Specialty Minerals. While atEngelhard, he worked on M&A transactions including the acquisition of Mearl Corp, a US producer ofpearlescent pigments and iridescent films. He previously worked at Cambrex Corporation(pharmaceutical fine chemicals) and Hoechst Celanese (electronic products and plastics).

Doug holds an executive MBA in Finance from Rutgers University, Ph.D. and MS degrees in OrganicChemistry from Rensselaer Polytechnic Institute, and a BA in Chemistry from Saint Michael's College.

John [email protected] | 802-863-2700

John Wilson is an Associate in the Burlington office. He is engaged in the execution and advisory ofmergers, acquisitions and strategic capital raises. Prior to joining Capstone Headwaters, he was withGoldman Sachs Asset Management in their fixed income defined contribution division. His industryexperience includes Chemical and Waste. He earned a BS and an MBA from the University of Vermont.John is a Registered Securities Representative having passed the FINRA Series 79 examinations.


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www.capstoneheadwaters.com

Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle marketbusiness owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporaterestructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 450 professionals in 40 countries.

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Capstone Headwaters Waste & Recycling Coverage Report ......The North American Liquid Waste services market is expected to reach a market value of $42 billion by 2023, growing at a