Macquarie Asset Management completes acquisition of DTG Recycle

Macquarie Asset Management (MAM), the world’s largest infrastructure manager¹ and DTG Recycle (DTG) announced that a fund managed by MAM has completed the acquisition of DTG from its current owners. DTG is Washington State’s leading independent vertically integrated non-MSW recycling business. Financial terms were not disclosed.

The resulting ownership structure will accelerate DTG’s growth trajectory and solidify its leadership position as the largest privately held vertically integrated non-MSW recycling business in Washington State; the investment will have no impact on the company’s existing services or operations. As part of the transaction, Tom Vaughn will continue as Chief Executive Officer, and Dan Guimont will become Chief Development Officer. Both Tom and Dan will be members of the Board of Managers of DTG and will retain an ownership stake in the company alongside MAM.

“DTG’s leadership in non-municipal solid waste recycling and focus on a diversion-led business model positions it well to meet the sustainability expectations of the communities in which DTG operates,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners. “We look forward to partnering with the DTG management team to support the next stage of DTG’s growth.”

“We are excited to partner with Macquarie Asset Management through this investment into DTG. With their deep knowledge of the space and their track record of providing ongoing capital and dedicated support to management teams, we will be able to accelerate our growth both within our existing area of operations and into adjacent geographies,” said DTG Chief Executive Officer Tom Vaughn. “This partnership will help us continue to advocate for increased diversion of recyclable non-MSW materials out of landfills and support our communities’ sustainability goals.”

“I am proud of the more than 500 employees of DTG who make a difference every day in the communities in which we operate,” added Dan Guimont, DTG Chief Development Officer. “It is particularly pleasing to see DTG make this transition into its next stage of growth.”

Since its formation in 1999, DTG has grown from a single truck to a regional leader in non-MSW recycling and diversion with a leading network of collection assets, including more than 3,900 containers and a fleet of over 270 vehicles, 12 materials recovery facilities (MRFs) across the Puget Sound region and a landfill.

MAM-managed funds have invested over $4.5 billion in the waste industry in the Americas since 2007 including realized investments in Waste Industries, WCA, and GFL Environmental, and current investments in WIN Waste Innovations, Solví, LRS, Greenwaste and now DTG.

Nomura Greentech acted as exclusive financial advisor to Macquarie Asset Management and White & Case acted as legal counsel.

About DTG Recycle

DTG Recycle is the largest recycler of construction, demolition, industrial, and manufacturing waste in the Pacific Northwest. They strive for a zero-waste future by collecting, transporting, processing, and manufacturing waste into innovative end products from recovered materials. With a diversified collection and transportation fleet, they provide unique, convenient recycling methods and the industry’s best customer service. DTG Recycle also offers full-service organics processing, portable restrooms and sweeper truck services. We are Customer Focused, Planet Obsessed. 

1. IPE Real Assets 2021 – Top 100 Infrastructure Investment Managers (4 July 2022), based on assets under management as of 31 December 2021.