Project Experience

Highstar Capital – Due Diligence Services for Advanced Disposal Services and Interstate Waste Services

Due diligence services support investments in multiple facilities in 11 states

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Cornerstone provided due diligence services, including permitting and compliance reviews and an environmental quality evaluation, as part of a team assisting Highstar Capital with a number of investments in the solid waste management industry since 2004.

The work included Highstar’s acquisitions of Advanced Disposal Services, Inc. (ADS), located in Jacksonville, FL and Interstate Waste Services, Inc. (IWS), based in Ramsey, NJ. ADS and IWS have vertically integrated waste management operations in 11 states. Together, these companies own and/or operate 19 landfills, two greenfield landfill development properties, 45 transfer stations and numerous collection operations.

Cornerstone provided permitting and compliance review as well as an evaluation of the environmental quality of the companies’ real property assets. Based on its extensive industry experience, Cornerstone provided significant input into the financial models of these operating assets, including cost estimates for potential liabilities, as well as operational and capital improvements.

Following the acquisitions, Cornerstone has provided ongoing engineering and regulatory assistance to Highstar related to these operations.

Key Project Activities

  • Permitting and compliance reviews
  • Environmental quality evaluation
  • Financial modeling assistance
  • Engineering and regulatory assistance