Wastebuilt Environmental Solutions LLC has acquired Stepp Equipment Company in Menomonee Falls.
New York City investment firm Millbrook Capital Management Inc. has entered the waste and recycling equipment industry by creating Wastebuilt, a new entity. It also acquired refuse parts manufacturer Galfab Manufacturing in Winemac, Ind.
Stepp serves Wisconsin, northern Indiana and northern Illinois in the refuse, scrap and recycling industry, providing refuse bodies, parts and stationary refuse compactors. The company has offices in Menomonee Falls and Chicago.
“This is a historic day for our company. We are moving onto the next chapter for Stepp Equipment,” said Ken Kozelka, vice president and co-owner of Stepp.
The two acquisitions have $40 million in combined annual revenues. They will each continue operations in their existing locations.
“We believe that the national haulers, municipalities, dealers, distributors, and local haulers in the waste and recycling industry will benefit from a well-capitalized and customer-focused source for equipment, parts, and maintenance,” said Alan Rivera, executive vice president and CFO of Millbrook. “By combining a leading service, parts and distribution company with a high quality manufacturing company, we have drawn on the best of both worlds.”