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GCM Grosvenor Makes Majority Investment in ReSource Waste Services
CHICAGO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- GCM Grosvenor (NASDAQ: GCMG), a leading global alternative asset management solutions provider, announced today
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[{"type":"text","content":"CHICAGO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- GCM Grosvenor (NASDAQ: GCMG), a leading global alternative asset management solutions provider, announced today that it has entered into an agreement with ReEnergy Holdings LLC (“ReEnergy”), under which GCM Grosvenor acquired a majority ownership stake in ReSource Waste Services (“ReSource” or the “Company”), New England’s largest processor of construction and demolition (“C&D”) material. GCM Grosvenor’s investment will support ReSource’s continued growth strategy throughout the greater Boston area and New England. Terms of the agreement were not disclosed. ReEnergy will retain a minority stake in ReSource. ReSource, a wholly owned subsidiary of ReEnergy, is a C&D waste processing and recycling service provider with an integrated network of five facilities located in Massachusetts, New Hampshire, and Maine, which have a combined processing capacity of 1.3 million tons per year. The Company processes waste material into valuable end-products for sale or beneficial reuse. It maintains a leading market presence in the Boston metropolitan area, an area that is expected to continue to drive C&D waste generation in the New England region. GCM Grosvenor’s investment, as well as its expertise as a leading infrastructure investor, can help propel ReSource and its team into a new stage of growth, allowing it to continue to expand its network and provide world-class services to an even greater number of customers throughout the region. “GCM Grosvenor is excited to announce this investment in ReSource, a growing and well-positioned C&D waste processing and recycling infrastructure provider that is a clear leader in the New England region,” said Matthew Rinklin, Managing Director at GCM Grosvenor. “ReSource’s ability to recycle C&D waste and create additional products for beneficial reuse is an important environmental factor that we believe can forge a new, sustainable path for the industry as a whole.” Greg Leahey, President and COO of ReSource, said, “We are very excited to partner with GCM Grosvenor and look forward to benefitting from its guidance as we continue to execute our growth strategy. It is clear that GCM Grosvenor’s unique infrastructure expertise and alignment on market approach with our management team make them the right partner for ReSource. With GCM Grosvenor at our side, ReSource...