TPG to Acquire Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners to Create a Sustainable Waste Infrastructure Player

Transactions would establish a highly diversified regional waste player to serve industrial, commercial, municipal, and residential customers across the Southeastern U.S.

San Francisco & Fort Worth, TX, and Houston, TX — TPG, a leading global alternative asset management firm, today announced that it has signed definitive agreements to simultaneously acquire Waste Eliminator, a leading regional provider of solid waste hauling, disposal, and recycling services for commercial and industrial waste generators in Georgia and South Carolina, and Liberty Waste Solutions, a provider of integrated waste and recycling solutions in North Carolina. The two businesses are currently owned by Allied Industrial Partners, an industrial-focused private equity firm. TPG is acquiring both companies through its TPG Transition Infrastructure strategy. 

Waste Eliminator and Liberty Waste Solutions have complementary geographic footprints, customer bases, and infrastructure assets. The companies are expected to serve commercial, industrial, municipal, and residential customers across municipal solid waste, organics, commercial and industrial investment, and specialty waste streams in one of the fastest-growing regions of the country. The Southeast waste market is supported by rapid population growth, commercial and industrial development, and enduring demand for local waste infrastructure.

Together, the companies are expected to be supported by a highly differentiated network of 14 permitted facilities and more than 500 fleet vehicles spanning collection, transfer, processing, recycling, composting, beneficial reuse, and disposal. These businesses are expected to improve service reliability, increase operational efficiency, and reduce reliance on third-party disposal infrastructure.

“Our transaction aims to create a waste infrastructure provider in one of the fastest-growing regions of the U.S.,” said JD Vargas, Partner at TPG Transition Infrastructure. “Waste Eliminator and Liberty Waste Solutions bring together a differentiated network of permitted assets across Georgia, North Carolina, and South Carolina, with capabilities across the waste value chain. In a region where waste volumes are growing, we see a meaningful opportunity to support the companies’ growth while expanding composting, recycling, and other sustainable waste solutions across the Southeast.”

The companies are expected to divert approximately 60% of waste volumes away from landfills towards beneficial reuse today, which is expected to increase as planned composting expansions come online. TPG Transition Infrastructure plans to support continued investment in landfill diversion, composting, and recycling throughout its ownership.

“Over the course of our ownership, Allied partnered with management to transform both Liberty Waste and Waste Eliminator into regional operators with expanded waste management and recycling services, featuring modern fleets and the latest dispatch technology,” said Bradford Rossi and Philip Wright, Co-Founders and Managing Partners at Allied. “We are proud of the growth Liberty Waste and Waste Eliminator have achieved and are confident that TPG is the right partner to guide the companies’ next chapter.”  

“This transaction marks an exciting next chapter for Waste Eliminator and reflects the strength of the platform our team has built across Metro Atlanta and the broader Southeast,” said Kacy Cronan, Chief Executive Officer of Waste Eliminator. “By partnering with TPG, we believe we will be exceptionally well-positioned to expand our capabilities, invest further in sustainable waste infrastructure, and deliver even greater value to the customers we serve.”

“We are proud to have worked with Allied to build a strong platform focused on delivering dependable, customer-first waste and recycling solutions,” added Rick Prather, Chief Executive Officer of Liberty Waste Solutions. “Together with Waste Eliminator and TPG, we believe this transaction brings together complementary operations, infrastructure, and expertise that will strengthen our ability to serve customers across the Southeast. We look forward to continuing to invest in service quality, sustainable waste solutions, and the communities and customers that rely on us every day.”

The acquisition of Waste Eliminator and Liberty Waste Solutions builds on TPG’s extensive experience in investing in and scaling mission-critical environmental services businesses across its strategies. This acquisition is the third transaction in TPG’s inaugural Transition Infrastructure fund, following its acquisition of Kinetic, the largest bus operator in Australasia and a leading multi-modal mass transit operator globally through its subsidiary Go-Ahead, and the take-private of Altus Power, the largest owner of commercial-scale solar in the U.S. 

The transaction is expected to close by the third quarter of 2026, subject to customary approvals and closing conditions. Terms of the transaction were not disclosed. 

Houlihan Lokey is serving as financial advisor for Waste Eliminator. Stifel is serving as financial advisor to Liberty Waste Solutions. Simpson Thacher & Bartlett is serving as legal counsel to TPG and Kirkland & Ellis is serving as legal counsel to Allied Industrial Partners. 

About Waste Eliminator

Waste Eliminator is a premier, full-service provider of waste collection, storage, removal, hauling, recycling, and landfill services to industrial and large commercial businesses and governmental entities across Metro-Atlanta. With state-of-the-art recycling capabilities, technology and equipment, and an impressive collection fleet, Waste Eliminator offers unparalleled service and can assist customers across the entire waste stream. For more information, visit www.wasteeliminator.com.

About Liberty Waste Solutions
Liberty Waste Solutions is a leading provider of integrated waste and recycling solutions in North Carolina. Committed to sustainability and innovation, the company offers comprehensive waste management solutions tailored to meet the needs of residential, commercial, and municipal clients. For more information, visit www.libertywastesolutions.com.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $306 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

About Allied Industrial Partners
Founded in 2019, Allied Industrial Partners LLC is a lower-middle market private equity firm that currently has over $1 billion of assets under management. The firm thematically invests in high-growth companies within various industrial subsectors, including industrial rentals, manufacturing, distribution, environmental services, and critical infrastructure. Allied seeks to partner with experienced management teams that can benefit from its operational enhancement capabilities and its active, hands-on involvement – enabling the firm to scale platforms through disciplined buy-and-build strategies and drive long-term value creation. For more information, visit www.alliedindustrialpartners.com.

Contacts

TPG
Ari Cohen 
Media@tpg.com

Allied Industrial Partners
Jennifer Hurson
jennifer.hurson@llyc.global