AIG Highstar Capital is looking to make strategic moves for waste management company, Advanced Disposal. Michael Walsh, a managing director in New York, said the firm could pursue landfill permit expansions and new hauling routes. “We’re working with the management team for next phase of growth,” Walsh said. AIG announced the acquisition of Advanced Disposal, a company valued at $470 million, through a recapitalization last week. The structure of the deal wasn’t disclosed. The recapitalization will give AIG’s recently formed ADStar Waste Holdings a majority stake in Advanced Disposal.
Walsh said representatives from another investor in Advanced Disposal, Jacksonville, Fla.-based private equity firm Rock Creek Capital, contacted him about the proposal three months ago. He liked Advanced Disposal’s management and the idea of having a presence in Florida. Walsh declined to say who from Rock Creek contacted him. AIG Highstar, part of AIG Global Investment Group, also has investments in Marlborough, Mass.-based solid waste disposal and transportation company North East Waste Services.