Waste Management, Tailwater Capital form joint venture
Waste Management Organic Growth, a wholly owned subsidiary of Houston-based Waste Management (WM), and Tailwater Capital, a private equity firm based in Dallas, have formed a joint venture to provide financial, commercial and operational support to Continuus Materials, a Houston-based manufacturer of roof cover boards. The joint venture aims to assist the company with scaling production facilities within the waste-to-product industry. The financial terms of the joint venture were not disclosed.
According to a joint news release from Waste Management Organic Growth and Tailwater Capital, Continuus Materials develops and operates manufacturing facilities that upcycle plastic and fiber materials from municipal solid waste into Everboard, a proprietary, high-performance, low-slope roof coverboard. Continuus Materials says its process reduces landfill waste and generates lower life cycle greenhouse gas emissions than competing products made from traditional materials.
“At WM, we are unlocking impactful, sustainable solutions as we move toward a more circular economy, and the Continuus Materials business is one example of what we’re aiming to achieve,” says Jim Fish, president and CEO of WM. “Continuus Materials brings an innovative solution that recovers recyclable materials in addition to materials that cannot otherwise be recycled and gives them a new, purposeful life.”
The joint venture enables Continuus Materials to develop facilities at WM sites and launch its first full-scale municipal solid waste-to-Everboard production plant. Once fully operational, the plant is expected to produce more than 150 million square feet of Everboard annually within the first three years of operation.
Edward Herring, managing partner of Tailwater Capital, adds, “This joint venture is an extension of Tailwater’s long track record and continued focus on identifying opportunities to implement sustainable solutions across the recycling and byproduct supply chain.”