Deptford-based Gold Medal Group announced Monday it has acquired Envirowaste LLC and Commonwealth Commons LLC, two companies that own and operate a solid waste management and resource recovery facility in South Philadelphia.
The acquisition of Envirowaste, GMG said, gives it control over a strategically located disposal asset in the Philadelphia market.
As part of the deal, GMG also acquired an option to purchase 4.5 acres of property next to the facility to support expansion. GMG said it sees opportunity to transform the site into an ecopark for the city with an expansion.
“We are excited about the expansion of our operations in the Philadelphia market through the acquisition of Envirowaste. This acquisition not only provides us with a better ability to service our growing customer base in Philadelphia and the surrounding area, but it also serves to demonstrate our commitment to building more sustainable operations. Our option to acquire additional property at the site also gives us the ability create a future Eco-Park hub in the city,” said Mike Schmidt, executive vice president of GMG.
Financial terms were not disclosed.