Press Releases
Posted April 23, 2024

Wall Recycling Has Sold Its Scrap Metal Division to Foss Recycling

Environmental & Sustainability,
Industrial Services & Manufacturing
Transaction Type
Mergers & Acquisitions
Raleigh, North Carolina

HOUSTON, April 23, 2024 – GulfStar Group (“GulfStar”) is pleased to announce the sale of the Scrap Metal Division of Wall Recycling, LLC (“Wall Recycling” or the “Company”), a portfolio company of Allied Industrial Partners (“Allied”), to Foss Recycling, a leading scrap metal recycling business. GulfStar served as the exclusive financial advisor to Wall Recycling and Allied throughout the transaction, which closed on April 16, 2024.

Based in North Carolina, Wall Recycling is a premier provider of integrated waste and recycling solutions. With a commitment to sustainability and innovation, Wall Recycling provides full-service waste management for both commercial and consumer customers. This divestiture allows Wall Recycling to strategically focus on its core integrated waste operations. The Company plans to make additional acquisitions, looking to build upon its strong waste platform while maintaining its leadership in the North Carolina market.

“We are proud to support the Company in this important transaction,” said Bradford Rossi and Philip Wright, managing partners of Allied. “We chose GulfStar because of their senior level attention and expertise in the recycling waste sector. The outcome far exceeded our expectations.”

“This transaction represents GulfStar’s third recycling transaction in the past 18 months, demonstrating our commitment to supporting companies focused on reducing environmental degradation,” said Charles Craig, managing director and Environmental & Sustainability Practice Leader. “It’s such a pleasure to work with strong teams who are advancing our circular economy.”

“We appreciated the opportunity to work with Allied again on this transformative transaction,” said Kent Kahle, co-founder and managing director of GulfStar. “In just a few years, Allied has quickly become a leading Houston-based private equity firm with a national industrial focus and a strong track record.”

The GulfStar team was led by Managing Directors Kent Kahle and Charles Craig with support from Associate Gaddis House and Analysts Alex Britz and Jonathan Nixon.

About Allied Industrial Partners
Founded in 2019, Allied is a lower and middle-market private equity firm that thematically invests in high-growth companies within various industrial subsectors, including industrial rentals, manufacturing, distribution, environmental services and critical infrastructure. Allied seeks to partner with experienced management teams that can benefit from its operational enhancement capabilities and active, hands-on involvement, allowing the firm to execute buy-and-build strategies.

About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing mergers and acquisitions, private capital placement and strategic advisory to companies with revenues generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 750 transactions in 38 states and 18 foreign countries across a variety of industries.

GulfStar Group
700 Louisiana Street
Suite 3800
Houston, Texas 77002


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