Praesidian Capital, the New York-based small and mid-sized business lender, has made a $13.7 million first lien loan to Meridian Waste Solutions (MWS), a Midwestern waste collection and recycling company. The credit line will be used to recapitalise MWS as well as support its acquisition strategy, Praesidian announced. MWS operates in St. Louis, Missouri and services 40,000 customers in the region.
“We are pleased to partner with MWS as it executes its growth strategy. We look forward to helping Meridian build its business in the months and years to come,” Wes Owen, managing director of Praesidian, said.
MWS serves residential, commercial and temporary customers. The company has a fleet of trucks and its services are linked to both long- and short-term contracts. MWS plans to acquire other waste management companies in select markets in the US.
Praesidian Capital is a private investment firm focused on providing senior and subordinated debt, along with growth capital to private lower middle-market businesses in the US, UK, Germany and selectively in Northern Europe. Praesidian invests in small and mid-sized companies, often in connection with management buyouts and refinancings. The firm is headquartered in New York City, with its European outpost in London. It has about $1 billion in assets under management.