TPG Inc. (TPG) on Wednesday, June 17, said it’s agreed to acquire Waste Eliminator LLC and Liberty Waste Solutions from Allied Industrial Partners LLC.

San Francisco-based TPG didn’t disclose financial terms of the acquisition, which it’s making through its TPG Transition Infrastructure strategy.

Gainesville, Ga.-based Waste Eliminator provides residential, commercial, industrial and construction waste services across Georgia and South Carolina. Its offerings include waste collection, dumpster and compactor rentals, wastewater treatment, biosolids hauling and hydro-excavation, among other services.

Allied Industrial acquired Waste Eliminator in late 2021 and has since built the company through several acquisitions, most recently adding Happy Haulers in January to expand its presence in the Atlanta market.

The Deal reported last week that Waste Eliminator was engaged in a sale process, with Houlihan Lokey Inc. shopping the company.

Allied Industrial was marketing Waste Eliminator on Ebitda of about $35 million, one source said. A second source said adjusted Ebitda could be closer to $40 million, while other sources said the business could fetch a double-digit multiple, potentially around 12 times Ebitda and as high as 14 times.

Raleigh, N.C.-based Liberty Waste provides integrated waste and recycling services across North Carolina and the Southeast through a network of local waste management businesses, offering curbside collection and environmental services to municipalities, businesses and households.

Allied Industrial acquired Liberty Waste in August 2022, and the company last week added on Bill’s Trash Services, a residential waste collector serving the greater Fayetteville market and Harnett County, N.C.

TPG expects Waste Eliminator and Liberty Waste to serve commercial, industrial, municipal and residential customers across the Southeast, with capabilities spanning municipal solid waste, organics, commercial and industrial waste, and specialty waste streams.

The combined business will operate 14 permitted facilities and more than 500 fleet vehicles across collection, transfer, processing, recycling, composting, beneficial reuse and disposal, giving it a broader infrastructure base across Georgia, North Carolina and South Carolina.

TPG said the deal is intended to improve service reliability, increase efficiency and reduce reliance on third-party disposal assets. The companies divert about 60% of waste volume from landfills, with that share expected to rise as composting expansions come online.

The acquisition builds on TPG’s experience investing in and scaling mission-critical environmental services businesses. It’s the third transaction in TPG’s inaugural Transition Infrastructure fund, following its November acquisition of Kinetic Group, the largest bus operator in Australasia, and the take-private of Altus Power Inc. (AMPS) for $2.2 billion in February 2025.

San Francisco-based alternative asset management firm TPG is reportedly targeting $13 billion for its 10th flagship fund. In August, TPG raised $4.8 billion for its latest growth equity vehicle, TPG Growth VI, exceeding its $4 billion target.

Founded in 2019, Allied invests in high-growth companies across various industrial subsectors, including industrial rentals, manufacturing, distribution, environmental services and critical infrastructure. The firm invests $25 million to $100 million in companies with Ebitda of $5 million to $30 million.

The firm last April announced the closing of its oversubscribed debut fund, Allied Industrial Partners I-A and I-B LP, at its $300 million hard cap, surpassing the original $250 million target.

TPG expects the acquisition to close by the third quarter of 2026, subject to customary approvals and closing conditions.

Houlihan Lokey was financial adviser to Waste Eliminator, while Stifel Financial Corp. was financial adviser to Liberty Waste. Kirkland & Ellis LLP was counsel to Allied Industrial.

Michael T. Holick and Mark Myott of Simpson Thacher & Bartlett LLP provided counsel to TPG.