Macquarie Asset Management has agreed to acquire waste services provider Coastal Waste & Recycling Inc. for an undisclosed sum, continuing a spree of waste and environmental services deals in early 2023.

The June 13 deal comes as the result of an auction launched around the start of the year, two sources familiar with the matter said. Houlihan Lokey Inc. was lead financial adviser on the process, while Brown Gibbons Lang & Co. was co-adviser.

Industry trade publication Waste Dive first reported the transaction. Macquarie later confirmed it had picked up a majority stake in the business.

Reuters reported that the deal valued Coastal Waste at $900 million. That valuation is not far off, though might be viewed as slightly high depending on the metrics used, one of sources familiar with the matter told The Deal.

Other specific financial details about Coastal Waste could not immediately be learned, though broadly speaking, deal multiples in the waste services space have been trending upward at a healthy clip over the past two years.

Boca Raton, Fla.-based Coastal was formed in 2017 through a partnership between CEO Brendon Pantano, Summer Street Capital Partners LLC and Concentric Equity Partners LP, according to an emailed press release from Macquarie. Summer Street announced the formation of a continuation fund, with equity kicked in by PA Capital LLC, Glouston Capital Partners and Unigestion SA, in 2021 to further grow the business.

Macquarie said June 13 that Pantano will continue as Coastal’s CEO and, together with his management team and a portion of the current shareholders of Coastal, will retain ownership stakes in the company alongside Macquarie. It could not immediately be learned what size minority stakes Summer Street and Coastal’s other PE backers will retain through the deal. Summer Street did not respond to a request for comment on June 13.

Coastal Waste & Recycling provides waste services to more than 450,000 customers mostly in Florida and Georgia, with a fleet of nearly 600 vehicles at 11 collection depots, and eight post-collections facilities across the two states.

A major infrastructure player, Macquarie Asset Management has invested more than $5 billion in waste management businesses in the Americas since 2007. The firm’s current investments in the waste and recycling sector across the globe include WIN Waste Innovations, Solví Participações, LRS, GWZ and DTG Recycle.

Nomura Greentech provided financial advice to Macquarie Asset Management, while a Sidley Austin LLP team led by Tommer Yoked, Chris Folmsbee and Daniel Allison provided legal counsel.

Winston & Strawn LLP was legal adviser to Coastal Waste.