Tailwater and Waste Management’s Acquisition of Continuus Materials

Kirkland & Ellis represented Tailwater Capital in the transaction.

WM Organic Growth, a wholly-owned subsidiary of Waste Management, Inc. (NYSE:WM), and Tailwater Capital LLC announced the closing of a joint venture that provides financial, commercial, and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry. Financial terms of the joint venture were not disclosed.

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 cover board. Continuus Materials’ process reduces landfill waste and will generate significantly lower life-cycle greenhouse gas emissions than competing products made from traditional materials.

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada.

Dallas-based Tailwater Capital is a growth-oriented energy and growth infrastructure private equity firm with a well-established track record of working constructively with proven management teams to deliver value-added solutions. 

The Kirkland team was led by corporate partners Kevin Crews (Picture) and Tony Johnston and associate Jessica Berkowitz; debt finance partners Lucas Spivey and Arthur Lotz and associates James Kelly and Jina Chung; capital markets partner Julian Seiguer and associate Logan Weissler; derivatives partner Jaime Madell; asset finance and securitization partner Joel Weinberger; tax partners David Wheat and Lane Morgan and associate Nicole Martin; and executive compensation partner Stephen Jacobson and associate Karsten Busby. 

Involved fees earner: Jessica Berkowitz – Kirkland & Ellis; Karsten Busby – Kirkland & Ellis; Jina Chung – Kirkland & Ellis; Kevin Crews – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Tony Johnston – Kirkland & Ellis; James Kelly – Kirkland & Ellis; Arthur Lotz – Kirkland & Ellis; Jaime Madell – Kirkland & Ellis; Nicole Martin – Kirkland & Ellis; Lane Morgan – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Lucas Spivey – Kirkland & Ellis; Joel Weinberger – Kirkland & Ellis; Logan Weissler – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Tailwater Capital LLC;