LJP Waste Solutions

Unsolicited offer prompts founder to explore strategic alternatives.

LJP Waste Solutions has been acquired by Aperion Management

Based in North Mankato, Minnesota, LJP Waste Solutions is a leading regional full-service commercial and residential waste and recycling provider in Southwestern Minnesota. LJP is a trusted partner to a diverse base of commercial and industrial clients, ranging from Fortune 100 companies to small businesses throughout the Midwest. LJP owns and operates two MSW transfer stations that process source separated industrial waste, municipal solid waste, and recyclables and plays an integral role in the waste to energy industry.

Situation Overview

Founder and CEO Larry Biederman received an unsolicited offer from a large industry competitor. Instead of pursuing a one-off transaction, Larry engaged Vermillion to run a competitive sale process.

Your hard work really paid off for LJP. Hats off to Vermillion. – Andy Thom, CFO, LJP Waste Solutions

M&A Transaction Process

Vermillion worked closely with LJP for several months to prepare the Company for sale before going to market. Vermillion advised LJP on several strategic initiatives and decisions, including:

  • Advised LJP to engage an accounting firm to consolidate its financial statements and to produce a sell-side Quality of Earnings Report.
  • Advised LJP to engage an environmental services firm to conduct a full environmental and regulatory compliance audit, and to produce Phase I Environmental Reports for each of its locations.
  • Advised the Company’s management team on highly critical meetings with buyers and ensured they were prepared for all areas that buyers would be focused on.
Prospective Buyers Signed NDAs
First Round Bids
%
Premium Over Next Highest Bidder

Result

Through a broad marketing process, Vermillion spoke with over 180 prospective buyers and secured 23 first round bids. LJP Waste Solutions was sold to Aperion Management for 80% more than the unsolicited offer it had received prior to engaging Vermillion and at a 21% premium to the next highest bidder.

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