August 15, 2022
J.F. Lehman & Company Completes Sale of Lone Star Disposal

NEW YORK – J.F. Lehman & Company (“JFLCO”), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental industries, announced today that investment affiliates have sold Lone Star Disposal (“Lone Star” or the “Company”) to Waste Connections, Inc. (“Waste Connections”). Terms of the transaction were not disclosed.

Lone Star is a leading vertically-integrated provider of construction and demolition ("C&D") and municipal solid waste ("MSW") disposal and related environmental services in Houston, TX. The Company’s comprehensive service platform utilizes an asset base consisting of a C&D landfill, an MSW transfer station, a C&D recycling facility, and a collection fleet. The Company’s highly diversified customer base includes regional and nationwide C&D and MSW haulers and C&D contractors serving the greater Houston metropolitan area.

Since acquiring Lone Star in 2019, JFLCO successfully worked with management to optimize the Company’s hauling and disposal operations and enhance the business development function, driving substantial revenue and earnings growth.

”We are proud of the growth we have achieved over the past three years,” said Brett Sarver, President of Lone Star. “JFLCO has been instrumental in identifying and supporting critical value creation efforts across our business. We are grateful for JFLCO’s support and look forward to continuing this momentum within the Waste Connections family.”

Glenn Shor, Chairman of Lone Star and Partner at JFLCO, added, “Our successful partnership with management cemented Lone Star as a clear leader in the Houston market. The sale of Lone Star represents an excellent outcome for our investors, whose support has been essential to our organization's continuing success.”

“Today’s milestone is a testament to the quality of the business and the strength of the entire Lone Star team,” added Dave Thomas, a member of Lone Star’s Board of Directors and Managing Director at JFLCO. “We are confident it will prove to be a valuable addition to the Waste Connections platform.”

R.W. Baird and Houlihan Lokey served as financial advisors to JFLCO and Shearman & Sterling served as lead legal counsel.