Heartwood Fuels Amlon's Environmental Services Expansion

Heartwood Partners continues to bolster its environmental services platform, The Amlon Group, with the strategic acquisition of Excel TSD. This latest transaction marks the seventh acquisition for Amlon under Heartwood's ownership and the third since the firm secured a significant continuation vehicle totaling $245 million in December 2025. The capital infusion, led by Apogem Capital and supported by New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners, and Flexstone Partners, underscores a robust strategy to expand Amlon's waste-to-value processing capabilities.

Excel TSD, based in Memphis, Tennessee, operates a critical RCRA Part B permitted facility adept at treating, storing, and disposing of both hazardous and non-hazardous industrial waste. This acquisition significantly enhances Amlon's service portfolio by integrating onsite industrial services, waste blending, and disposal expertise. Amlon, headquartered near Dallas, Texas, specializes in recovering valuable metals from industrial byproducts, diverting materials from landfills and reintegrating them into the supply chain. The integration of Excel TSD's capabilities is expected to unlock new waste streams and complement Amlon's existing infrastructure.

Mark Wayne, CEO of The Amlon Group, highlighted the transformative nature of the acquisition. "The Excel acquisition is a transformative addition to the Amlon platform," Wayne stated. "Excel’s industrial onsite services, waste-blending capabilities, and hazardous waste disposal permit and expertise open additional new waste streams for us, complementing our existing processing and treatment infrastructure." He further noted that the deal strengthens Amlon's presence in the Mid-South region and provides access to a diverse customer base, creating cross-selling opportunities for Amlon's comprehensive environmental solutions.

This move is part of a broader consolidation trend within the industrial services and environmental solutions sector, driven by increasing regulatory pressures and corporate sustainability initiatives. Companies focused on circular economy principles and responsible waste management are attracting significant investor interest. The market for industrial waste treatment and recycling is projected to grow substantially, fueled by demand for recycled materials and stricter environmental compliance. Amlon's strategy aligns perfectly with these macro trends, positioning it for accelerated growth.

Since Heartwood Partners initially invested in Amlon in December 2021, the company has completed a series of strategic add-on acquisitions. These include Thermaldyne (September 2022), Paragon Southwest (June 2023), Music City Group (June 2023), EcoWerks (January 2024), Mastermelt America (2024), and Lion Industrial Resources (March 2026). The consistent pace of these integrations demonstrates Heartwood's commitment to building a leading environmental services powerhouse through targeted expansion and operational enhancement.

Demetrios Dounis, a managing partner at Heartwood Partners, expressed confidence in the strategic rationale. "We are proud to support Mark and the entire Amlon team in completing what has been a steadfast but highly strategic transaction," Dounis commented. "The Excel acquisition is a compelling example of Amlon’s ability to identify and execute on strategic add-on opportunities that expand the company’s capabilities and geographic reach." Heartwood Partners, which focuses on U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million, continues to deploy capital from its fourth fund, Heartwood Partners Fund IV LP.