Houlihan Lokey Advises Mr. Bult’s, Inc.
Mr. Bult's, Inc., a portfolio company of Fortress Investment Group, has been acquired by Basalt Infrastructure Partners
Sellside Advisor
Houlihan Lokey is pleased to announce that Mr. Bult’s, Inc. (MBI), a portfolio company of Fortress Investment Group LLC (Fortress), has been acquired by funds advised by Basalt Infrastructure Partners LLP (Basalt). The transaction closed on July 31, 2026. Financial terms were not disclosed.
Founded in 1980 and headquartered in the Midwest, MBI is the largest third-party provider of outsourced municipal solid waste transportation and transfer station management services in North America. The company operates a fleet of more than 5,000 long-lived specialized assets across more than 40 terminals nationwide, serving leading waste operators and municipalities in the safe and efficient movement of waste across the United States.
MBI has long-standing relationships with its diversified blue-chip customer base. The company’s scaled fleet, integrated maintenance capabilities, and expansive footprint create meaningful barriers to entry, while continued outsourcing of waste transportation driven by regulatory complexity and consolidating landfill dynamics supports sustained long-term demand.
Fortress is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $54 billion of assets under management as of March 31, 2026, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity, and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts.
Founded in 2011, Basalt is an investment advisor to certain infrastructure equity investment funds focusing on mid-market investments in utilities, power, and transport infrastructure primarily in North America and Europe. The funds have invested more than $7 billion across 37 investments and have completed 14 realizations.
The acquisition establishes a scaled position for Basalt in essential waste transportation infrastructure. MBI’s national footprint, scaled asset base, and experienced management team position the company well for continued growth. Basalt is partnering with Founder and CEO Jim Bult and the MBI management team, who will continue to lead the company in its next phase of development.
Houlihan Lokey served as the exclusive financial advisor to Fortress and MBI. This transaction highlights Houlihan Lokey’s preeminent position and continued success advising clients in the environmental services and transportation and logistics sectors.