GulfStar Announces the Formation and Capitalization of Paragon Southwest Medical Waste
HOUSTON, January 4, 2018 -- GulfStar Group ("GulfStar") is pleased to announce the formation of Paragon Southwest Medical Waste, LLC (PSMW) through a joint venture agreement between Paragon Waste Solutions, LLC ("Paragon" or the "Company") and Gulfwest Waste Solutions, LLC (GWS) combined with an equity investment from an investment group. GulfStar served as the exclusive financial advisor to Paragon and GWS throughout the transaction, which closed on December 1, 2017.
PSMW will operate from GWS's existing, permitted medical waste facility in Texas using Paragon's patented CoronaLux™ system. This system employs a low-energy, plasma-enhanced pyrolytic process to safely and reliably destroy hazardous, chemical, biological, pharmaceutical and regulated medical waste. The CoronaLux™ system eliminates harmful emissions associated with high-temperature thermal processes such as incineration and conventional hot plasma incineration. The result is a more efficient and sustainable destruction process, which is much cleaner, safer and environmentally friendly. PSMW will have an exclusive license to use the CoronaLux™ technology for medical waste destruction in a six-state area of the Southern United States. PSMW's facility will be established as a mega-site, eventually housing a large number of CoronaLux™ systems capable of destroying what is traditionally termed "incinerate only" or "bypass" medical waste in the most efficient and environmentally conscious manner in the industry.
"The formation of PSMW is an important implementation of the patented CoronaLux™ technology," said Dr. Fortunato Villamagna, founder and CEO of Paragon. "GulfStar worked with us at an early stage because they understood the impact the CoronaLux™ technology will have in the medical waste market."
"GWS welcomes the opportunity to partner with Paragon to introduce the CoronaLux™ technology to the medical waste market," said Gregg Snyder, principal at GWS. "We believe the CoronaLux™ units will replace medical waste incinerators over time and capture a large share of the 'incinerate only' medical waste market. I do not think PSMW would be a reality without GulfStar's professional assistance."
"We were pleased to assist GWS and Paragon in the formation and capitalization of PSMW," said Tom Hargrove, managing director with GulfStar. "This establishes the leader in medical waste thermal destruction while eliminating the environmental issues with incineration."
The GulfStar team consisted of Managing Director Tom Hargrove, Senior Vice President Pam Reiland, Associate Tyler Tribble and Analyst David Lutito.
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About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 650 transactions in 34 states and 15 foreign countries across a variety of industries.