Winters Bros. Waste Systems Acquisition, Valuation, Funding & Investors

Winters Bros. Waste Systems was acquired by Waste Management for $550M in July 2024, a 2.2x multiple on $250M of revenue.

Winters Bros. Waste Systems acquisition price

$550M

Acquired by Waste Management · Jul 2024

Winters Bros. Waste Systems revenue at acquisition

$250M

Last twelve months · Jul 2024

Winters Bros. Waste Systems revenue multiple at acquisition

2.2x

EV/Revenue · Jul 2024

Cumulative funding Winters Bros. Waste Systems raised

$29M

across 1 funding round

Winters Bros. Waste Systems Overview

About Winters Bros. Waste Systems

Winters Bros. Waste Systems is a family-owned solid waste collection, recycling, and transfer station operator serving Florida, Vermont, Long Island, and Connecticut. Founded in the 1950s, the company relies on a management team with over 100 years of combined industry experience for compliant services.


Founded

1950

HQ

United StatesDanbury, CT

Status

Acquired

Customer focus

B2B & B2C

Revenue model

Services

Revenue

$250M (Jul 2024)

Valuation

$550M (acquired Jul 2024)

Winters Bros. Waste Systems Acquisition

Winters Bros. Waste Systems was acquired by Waste Management for $550M on 15 July 2024.

The acquisition price implies a 2.2x revenue multiple on $250M of revenue.

Before the acquisition Winters Bros. Waste Systems had raised $29M across 1 funding round.

Winters Bros. Waste Systems, a Long Island-based solid waste management company providing collection, processing, recycling, hauling, and long-haul logistics services to residential, commercial, industrial, and municipal customers in Nassau and Suffolk counties and parts of New York City, operates 275 trucks, 12 transfer stations including rail-served sites, a materials recovery facility, and multiple recycling locations with 525 employees. Houston-based WM, a publicly traded waste management giant with 2023 revenue of $20.4 billion, acquired Winters Bros. effective July 15, 2024, for $550 million according to a filing, though terms were not publicly announced otherwise; the deal sold interests held by Clairvest Equity Partners V and the Winters family to Waste Management of New York, L.L.C. The acquisition includes all of Winters Bros.' operations, merging them into WM to create Long Island's largest waste provider and the leading environmental services firm there. The strategic rationale centers on leveraging long-term mutual respect between the companies—stemming from Winters Bros. taking over WM's New York (excluding NYC) and Connecticut operations in 2015 after prior transactions with Progressive Waste—and accelerating technology applications, internalizing waste volumes for environmentally sound solutions, centralizing corporate functions for efficiencies, standardizing practices to boost productivity and margins, and maintaining local decision-making for customer responsiveness. Since 2015, Winters Bros. expanded via 11 acquisitions, growing EBITDA nearly 500% to dominate Long Island with emerging NYC presence, enhancing WM's national platform and vertically integrated model linking collection, transfer, recycling, and disposal. Executives like Chairman and CEO Sean Winters and EVP Jimmy Winters emphasized capitalizing on Long Island opportunities and comprehensive waste-stream solutions, while Clairvest realized a 6.8x return on its investment. The merger positions WM to grow its Northeast footprint, potentially expanding into New York City, amid its parallel $7.2 billion Stericycle acquisition, fostering employee career opportunities, operational excellence, safety focus, and resilience in a competitive market; employees were notified post-close with a phased transition.

Winters Bros. Waste Systems acquisition details
AcquirerDateTypePriceEV/Revenue
15 Jul 2024PE buyout$550M2.2x

Winters Bros. Waste Systems Funding History

Winters Bros. Waste Systems has raised a total of $29M across 1 funding round.

Winters Bros. Waste Systems funding rounds

Winters Bros. Waste Systems funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2013Undisclosed stageClairvest Group (lead)$29MWinters Bros. Waste Systems is a family-owned waste management company providing commercial, industrial, and residential waste collection services, along with transfer and recycling facilities, primarily in Long Island, NY, and Connecticut. Clairvest Group, a Canadian private equity firm, made a US$28.5 million investment in the company around November 27, 2013, as part of its ongoing partnerships with the Winters family in the waste sector. This followed earlier collaborations, including a 2006 minority investment and a 2007 sale to IESI (a subsidiary of Progressive Waste) for US$263 million. The 2013 investment preceded a March 2015 follow-on round where Clairvest and affiliates invested US$25.6 million (Clairvest's portion US$7.7 million) to acquire Long Island operations from Progressive Waste Solutions, marking Clairvest's first investment from Clairvest Equity Partners V and its 45th platform overall. Clairvest's relationship with the Winters family spans multiple deals, including a prior exit in 2007. In 2024, Clairvest and Winters family sold Winters Bros. Waste Systems of Long Island to Waste Management, realizing US$191 million in proceeds (6.8x multiple on capital invested from 2015), with EBITDA growing nearly 500% over nine years through 11 acquisitions, establishing market leadership in Long Island and expansion into New York City.

Who has invested in Winters Bros. Waste Systems?

1 investor has backed Winters Bros. Waste Systems across its funding rounds, including Clairvest Group.

Lead investors include Clairvest Group.


Winters Bros. Waste Systems Investors

Investors in Winters Bros. Waste Systems by funding rounds participated
InvestorHQRoundsRoleFirst check

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Winters Bros. Waste Systems Competitors

Winters Bros. Waste Systems competitors include listed companies like Ion Exchange (India), Porvair, Enviri and ESGL Holdings, and private ones like AMP and Xiaohuanggou.

Public and private companies comparable to Winters Bros. Waste Systems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Ion Exchange (India)IndiaIndiaPublicly listed$302M$27M$544M-
PorvairUnited KingdomUnited KingdomPublicly listed$260M$43M$531M1.9x
AMPUnited StatesLouisville, KYPrivate--$571M-
EnviriUnited StatesUnited StatesPublicly listed$1.3B$33M$579M-
ESGL HoldingsSingaporeSingaporePublicly listed$6M($1M)$724M-
XiaohuanggouChinaBeijingPrivate--$870M-

Winters Bros. Waste Systems Public Comps

Winters Bros. Waste Systems is no longer listed, but its public comps include Ion Exchange (India), Porvair, Enviri, Cambi, Perma-Fix, ESGL Holdings, Mo-BRUK, Energy Recovery, Ecopro HN Co. and Séché Environnement.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ion Exchange (India)$302M$27M1.9x-21.2x-
Porvair$260M$43M2.1x1.9x12.4x11.7x
Enviri$1.3B$33M0.6x-24.0x-
Cambi$114M$21M3.2x3.4x17.8x24.1x
Perma-Fix$62M($10M)5.9x6.1x(37.2x)(26.6x)
ESGL Holdings$6M($1M)125.0x-(532.9x)-
Mo-BRUK$85M$19M4.9x4.2x22.1x10.3x
Energy Recovery$135M$28M2.0x3.0x9.9x45.4x

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Common questions about Winters Bros. Waste Systems

When was Winters Bros. Waste Systems founded?Winters Bros. Waste Systems was founded in 1950.
Where is Winters Bros. Waste Systems headquartered?Winters Bros. Waste Systems is headquartered in Danbury, CT, United States.
Is Winters Bros. Waste Systems publicly listed?No, Winters Bros. Waste Systems was acquired by Waste Management in July 2024.
Who acquired Winters Bros. Waste Systems?Winters Bros. Waste Systems was acquired by Waste Management in July 2024.
How much was Winters Bros. Waste Systems acquired for?Winters Bros. Waste Systems was acquired for $550M in July 2024, a 2.2x revenue multiple.
How much funding has Winters Bros. Waste Systems raised?Winters Bros. Waste Systems has raised $29M across 1 funding round.
What was Winters Bros. Waste Systems' last funding round?Winters Bros. Waste Systems' last funding round was a $29M undisclosed-stage round in November 2013, led by Clairvest Group.
Who are Winters Bros. Waste Systems' investors?Winters Bros. Waste Systems' investors include Clairvest Group.
Which companies are comparable to Winters Bros. Waste Systems?Companies comparable to Winters Bros. Waste Systems include Ion Exchange (India), Porvair, AMP, Enviri, ESGL Holdings and Xiaohuanggou.

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