Diligence · Waste & Recycling

Independent Sponsor ERISA & Benefits Diligence in Waste & Recycling

Independent sponsor counsel for waste and recycling, focused on ERISA & Benefits Diligence and the deal mechanics that protect sponsor economics and LP alignment.

EV range $12M to $150M EV EBITDA $3M to $25M Audience Buy-side / Sponsor
The deal context

Every waste and recycling acquisition has its own gravity. ERISA & Benefits Diligence is the workstream where independent sponsor counsel earns the seat.

The typical waste and recycling platform sits at $12M to $150M EV with EBITDA in the $3M to $25M range. The thesis runs on regional hauler or transfer station consolidation. Permitted volume is the asset, not the trucks. Diligence the permits before the EBITDA.

The moves

How ERISA & Benefits Diligence actually gets structured.

  1. Pull the 5500s and audit reports for the last three years.

  2. Identify any controlled-group exposure that follows the seller post-close.

  3. Address multi-employer pension withdrawal liability where applicable.

  4. Plan the benefits transition to the buyer's plans, with a TSA period if needed.

  5. In waste and recycling, layer in permit transfer applications filed before LOI signing as part of the ERISA & Benefits Diligence workstream.

The common mistake

Skipping the multi-employer pension review. It can show up as a 7-figure surprise three months post-close.

Jason's take
"ERISA is the silent deal-killer. Treat it like senior debt diligence."
Jason Powell · ERISA & Benefits Diligence
Capital after close

The deal is one thing. The capital that opens up after close is another.

The capital that opens up post-close, from refinancing to growth equity to strategic exit, runs through a small set of Wall Street relationships. That network is built in.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
WORK WITH JASON

Bring the waste and recycling deal. Get ERISA & Benefits Diligence done right.

Direct counsel from a securities and M&A attorney with billions in structured transactions, the independent-sponsor-native playbook, and the capital markets network that opens up post-close.