Graycliff backs landfill management deal

Graycliff’s $250m Mezzanine Fund II is less than 20% invested. 

Graycliff Partners has completed its fourth investment from its second mezzanine fund, providing an undisclosed amount of subordinated debt financing in support of Aperion Management’s acquisition of Tri Con Works.

Graycliff recently closed the vehicle on $250 million. The fund is less than 20 percent invested, a spokesperson told Private Debt Investor.  

The firm announced its first deal through Graycliff Mezzanine Fund II in December 2012. Graycliff’s mezzanine strategy specialises in providing capital in support of acquisitions, management buyouts, and recapitalisations, among other strategies, focusing specifically on US businesses with less than $100 million in revenues.

Houston-based Tri Con provides construction and management services to national waste services providers and municipalities. The company specialises in landfill gas monitoring and recovery systems, as well as leachate systems and other environmental services, according to a statement.  

Graycliff spun out of HSBC in 2011. The firm maintains offices in New York and São Paulo.