Waste Disposal Management Firm Raises $8.5 Million From Advantage Capital, Southwest Bank
August 25 2006 - 12:33PM
PR Newswire (US)
ST. LOUIS, Aug. 25 /PRNewswire/ -- Waste Remedies, a consulting
firm that enables companies to outsource waste disposal at sharply
lower costs, has received $8.5 million in investment from Advantage
Capital Partners, Southwest Bank of St. Louis and management. The
funds will be used to establish company management in St. Louis and
provide capital for growth. Waste Remedies provides consulting,
management and brokerage services for waste removal. For customers
that include property managers, manufacturers, retailers and
restaurants, Waste Remedies arranges waste removal and recycling at
considerably less expense than most companies obtain for
themselves, up to 50% less. The company was founded in Illinois 11
years ago but has been managed from California in recent years.
With this investment, St. Louis- based interim CEO Tim Gray took
control of the company and established its headquarters in
Missouri. "This financing enables Waste Remedies to capitalize on
two key trends: corporate outsourcing and increased attention for
cost-effective recycling and waste management," Gray said. "We
could not be more excited about having partners such as Advantage
Capital and Southwest Bank backing us, and about having centralized
operations in St. Louis." Advantage's $2.3 million portion of the
investment was made with private funds raised in connection with
the federal New Market Tax Credits program. Advantage has raised
more than $100 million to date through this innovative federal
initiative, which is designed to stimulate growth and job creation
in targeted communities by providing much-needed private investment
capital to low-income areas. "The risk capital Advantage brought to
this financing made our participation possible," said Gary L.
Siddens, Jr., vice president-commercial lending at Southwest Bank.
"The New Markets program has mobilized private funds to serve as a
catalyst for investments like this one in St. Louis and other
communities throughout the nation." "Waste Remedies has helped its
clients reduce waste management costs by as much as half," said
Jeremy Degenhart, Advantage vice president. "The business
opportunity for this company is sizable and growing. With its
prospects for growth and environmental focus, it is a good business
to bring to this community." About Advantage Capital Partners
Advantage Capital Partners is a private equity firm focused on
investing in promising companies in connection with federal, state
and local economic development efforts. With offices in St. Louis,
New Orleans, New York and other cities, Advantage has raised more
than $700 million in institutional venture capital since 1992 and
invested in companies located in geographic underserved by
traditional venture capital. For more information, visit
http://www.advantagecap.com/ . About Southwest Bank Southwest Bank
of St. Louis is part of Marshall & Ilsley Corporation
(NYSE:MI), a diversified financial services corporation
headquartered in Milwaukee, Wis., with $52 billion in assets. The
Southwest Bank affiliate has fourteen offices in the St. Louis area
and one office in Belleville, Ill. M&I also provides trust and
investment management, equipment leasing, mortgage banking,
asset-based lending, financial planning, investments, and insurance
services from offices throughout the country and on the Internet (
http://www.mysouthwestbank.com/ ). DATASOURCE: Advantage Capital
Partners CONTACT: Carter Dunkin of Advantage Capital,
+1-314-725-0800 Web site: http://www.advantagecap.com/
http://www.mysouthwestbank.com/
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