October 4, 2011
CleanScapes to Merge with Recology
SJF Ventures II portfolio company, CleanScapes, based in Seattle, WA has entered into an agreement to merge with Recology, a San Francisco based waste and recycling service provider. Recology is an employee-owned company (ESOP) and reported revenue of $500 million in 2007, its last publicly reported figure.
SJF Ventures was the only institutional investor included in the 2008 $10 million Series A round. CleanScapes raised this financing following the award of half of the City of Seattle’s collection contract and this was the only equity financing raised by the company. CleanScapes was named the Fastest Growing Environmental Serivces Company in America for the past two years in a row by the Inc 500. The deal provides Recology access to a new state as well as a platform for expanding future operations. The merger is still subject to approval by the Federal Trade Commission with the expectation of the deal closing by the end of the year.
See full article in the Puget Sound Business Journal.