Houlihan Lokey Advises Lone Star Disposal

Houlihan Lokey is pleased to announce that Lone Star Disposal (Lone Star), a portfolio company of J.F. Lehman & Company (JFLCO), has been acquired by Waste Connections, Inc. (NYSE:WCN). The transaction closed on August 15, 2022.

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, Texas. Lone Star’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. Lone Star’s highly diversified customer base includes regional and nationwide C&D and MSW haulers and C&D contractors serving the greater Houston metropolitan area.

JFLCO is a leading middle-market private equity firm focused exclusively on the defense, aerospace, maritime, government, and environmental industries. Since acquiring Lone Star in 2019, JFLCO successfully worked with management to optimize Lone Star’s hauling and disposal operations and enhance the business development function, driving substantial revenue and earnings growth.

Houlihan Lokey served as financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of Lone Star and JFLCO.

This transaction highlights Houlihan Lokey’s preeminent position and continued success advising clients in the environmental services sector. Houlihan Lokey has successfully advised on 20 announced environmental services transactions since January 2021.