Penfund Management Ltd.

Penfund Management Ltd.

September 02, 2010 15:13 ET

Penfund Announces US$15 Million Investment in Choice Environmental Services, Inc.

TORONTO, ONTARIO--(Marketwire - Sept. 2, 2010) - Penfund, an independent provider of junior capital to middle market companies, announced today a US$15 million investment in Choice Environmental Services Inc. ("Choice"). The terms of Penfund's investment were not disclosed.

Headquartered in Fort Lauderdale, Florida, Choice is one of the largest independent waste collectors in the southeastern United States. Since its founding in 2004, Choice has won several significant municipal collection contracts and has successfully completed multiple tuck-in acquisitions. Today the Company provides collection, transfer station and material recovery services to a diverse base of commercial, industrial and municipal customers throughout South and Central Florida.

Penfund identified the Choice transaction through a focused initiative in the waste management sector. "We are extremely proud of our new partnership with Choice," said Adam Breslin, Partner, Penfund. Mr. Breslin added that "We have spent over eighteen months studying the waste management industry and have met with dozens of companies. Choice is a perfect fit with the criteria we have developed for investing in the sector. The Company's focused strategy, attractive business mix and strong entrepreneurial management team combine to make Choice an ideal investment for Penfund."

Glen Miller, Choice's CEO said, "This investment will help us accelerate our growth plan and provide high quality, cost efficient service to even more customers in the future."

Neal Rodrigue, Choice's President and CFO added, "Penfund has developed a good understanding of the waste management industry and our business. We believe they will be a supportive partner and look forward to working with them in the future."

About Choice Environmental Services, Inc.

Choice is a leading residential, commercial, institutional and industrial provider of solid waste and recycling services, serving the communities of South and Central Florida. Incorporated in February of 2004, the company commenced operations with a stellar record of growth, propelling it into a position of leadership through its highly experienced team of waste industry professionals, which collectively bring to the company more than 150 years of experience serving customers.

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About Penfund

Penfund is an independent investment firm specializing in providing junior capital to middle market companies. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund III. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies and family offices and has invested more than $2.3 billion in over 220 companies since its establishment in 1979.

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