Key Takeaways
- Sector: Environmental Infrastructure & Services.
- Geography: Canada.
Analysis
TorQuest Partners has completed an investment in Waste Solutions Canada (WSC), a leading tech-enabled managed service provider for waste and recycling services. WSC’s co-founders, Jason Wilcox and Shane Curtis, will retain significant ownership stakes and continue to lead the company in partnership with TorQuest.
Founded in 2006 and headquartered in London, Ontario, WSC offers non-hazardous and hazardous waste, recycling, and sustainability management solutions. The company provides services to clients in industries including property management, senior living, manufacturing, institutional facilities, and hospitality. With more than 100 employees and operations nationwide, WSC has become one of Canada’s largest managed waste service providers.
TorQuest’s investment will support WSC’s next phase of growth, including organic expansion and strategic acquisitions. The transaction is the fourth investment from TorQuest Partners Fund VI, a C$2.27 billion vehicle closed in December 2023. WSC’s management team, led by CEO Jason Wilcox, will remain unchanged.
The deal highlights growing private equity interest in the waste and recycling sector. In Europe, iCON Infrastructure agreed to acquire a majority stake in Meinhardt Group, a German waste management company operating across the Rhine-Main region. In North America, KKR supported the combination of Viridor and Biffa in the UK to create a large-scale recycling and energy recovery platform, while Macquarie Asset Management has invested in environmental services platforms across the US and Canada.
Other notable deals include Advent International and Warburg Pincus backing the $6 billion merger of BioAgilytix and Syneos Health’s lab division, which underscores investor appetite for outsourced services with recurring demand. Private equity managers are increasingly targeting environmental services, given the sector’s stable cash flows, regulatory-driven growth, and strong ESG profile.
With TorQuest’s backing, Waste Solutions Canada is positioned to expand its national footprint, enhance its technology platform, and pursue acquisitions that consolidate its leadership in managed waste and recycling services across Canada.