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About Nonantum Capital Partners

Nonantum is a Boston-based middle market private equity firm. Nonantum focuses on investing in family- and founder-owned businesses, corporate carve-outs, and complex situations where personal partnership is critical and opportunities exist for significant equity value creation. The firm seeks to invest $25 million to $75 million of equity per company.

Nonantum Capital Partners Headquarters Location

Boston, Massachusetts,

United States

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Latest Nonantum Capital Partners News

SOLARCYCLE, Silicone Ranch partner to recycle solar panels

Sep 20, 2022

SOLARCYCLE, Silicone Ranch partner to recycle solar panels SOLARCYCLE's recycling process recovers 95 percent of solar panel materials for reuse. September 19, 2022  Silicon Ranch Corp., Nashville, Tennessee, a large independent power producer, and SOLARCYCLE, a tech-driven solar recycling platform, have announced a partnership to process end-of-life solar modules from Silicon Ranch projects through SOLARCYCLE’s high-recovery recycling platform. SOLARCYCLE’s approach to recycling recovers approximately 95 percent of solar panel value, which can be returned to the supply chain and used to manufacture new panels. With an operating portfolio of more than 145 solar power facilities across 15 states, Silicon Ranch is SOLARCYCLE’s first utility-scale partner. “As the long-term owner of every project in our portfolio, we at Silicon Ranch are deeply committed to our relationships and responsibilities in the communities we serve. These responsibilities include end-of-life equipment management,” Silicon Ranch President and CEO Reagan Farr says. “Embracing this opportunity to pioneer recycling and re-use processes at scale with SOLARCYCLE is a significant step in meeting these responsibilities.” The alliance comes at a critical time, as the recently passed Inflation Reduction Act is expected to accelerate demand for both solar energy and a domestic solar supply chain. The partnership will help fuel the growing U.S. solar manufacturing industry with a domestic supply of recycled materials essential to the production of new solar panels, including glass, silicon and valuable metals such as silver, copper and aluminum . Recent  research  by the National Renewable Energy Laboratory found that by 2040, for certain materials, recycling can meet 25 to 30 percent of domestic solar manufacturing needs in the United States. “SOLARCYCLE’s team is taking what we learned in the solar, sustainability and recycling industries and applying it to our tech-driven recycling solutions. We know that scale matters in order to be able to drive costs down and bring the quality up,” Solar Cycle CEO Suvi Sharma says. “We are thrilled that our partnership with Silicon Ranch—an innovative leader in bringing solar to scale sustainably and responsibly—will help us make solar across America fully sustainable.” Launched earlier this year, SOLARCYCLE is establishing a state-of-the-art solar panel recycling center, which will open in the fourth quarter. Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas and Kentucky. SOLARCYCLE is the latest partnership supporting domestic infrastructure secured by Silicon Ranch. In the last six months, Silicon Ranch has announced agreements with FirstSolar, Tempe, Arizona, and Nextracker, Fremont, California, to improve the carbon footprint while supporting additional investment in U.S. manufacturing capabilities. Earlier this year, Silicon Ranch completed a $775 million equity raise led by Manulife Investment Management. As summer comes to a close, many ofus can look back on vacations filled with road trips, adventures and landscapesof all sorts. While traveling just before the Labor Day holiday, albeit forwork, I was greeted on an open highway in Minneapolis by a gigantic billboardemblazoned with, “Plastic Recycling is a Myth.” As someone who spends asignificant portion of his time discussing the merits of recycling, havingpublicly testified as to the need to greatly expand recycling in America, Icouldn’t help but take serious offense. I might have expected such a "public" message to be underwritten by one of the usual suspects, such asGreenpeace, who use these types of claims to raise money off of the reactionsto similar trendy catchphrases. It just so happened that this fictitiousexclamation was provided by a private company trying to sell its products inreusable plastic containers. Here's a catchphrase you’ll hearmany in our industry use on a regular basis: We love plastic; we hate plasticwaste. To that end, we applaud the reuse and recycling of all plastics. Thereis a reason the term ‘reuse’ is an important part of “reduce, reuse andrecycle,” and we encourage people to reuse products whenever possible. But, simplytelling people through the equivalent of highway tweets that recycling is“fake” is just downright environmentally irresponsible and, to do so to profitfiscally is unconscionable. It is an untruth that undermines the system. Andso, this is where the road, or in this case the roadside, has taken theenvironmental discussion. The plastics industry has investedbillions of dollars into recycling technology in an effort to increaserecycling rates with billions more announced. Getting recyclable materials tothe right place is key to increasing the amount of materials we recycleoverall. As a country, we were asleep at the wheel for far too long while weexported too much of our recyclables to foreign countries. During that time, wedidn’t sufficiently modernize our recycling infrastructure to keep up with theincredible innovations in products and packaging. Now, we have to play catchup. The great news is that we arerecycling billions of pounds of plastic every year and that number is onlygoing up. If you’d ever been inside an actual recycling plant and seen theprocess up close, you would realize the possibilities available if our societyis willing to take the next step and recycle more. The bad news is that the No.1 reason we don’t recycle is lack of recycling infrastructure: From receptaclesto collection to sortation, we are limited in our ability to get material whereit needs to go to be recycled. Working with other industries in the recyclingstream, we need to make it easier for consumers to recycle and get morematerial to our recyclers and keep that valuable plastic in the economy insteadof in a landfill. Our friends over at the Associationof Plastics Recyclers ) shared a report just a few weeksago showing that recycling rates might not be as low as some would like you tobelieve. In the same report, APR estimates that plastic recycling supports morethan 200,000 American jobs, which, doesn’t sound like a myth to me. Anadditional study, provided by the Environmental Protection Agency,  foundthat in a single year, recycling and reuse activities in the United Statesaccounted for 681,000 jobs and $37.8 billion in wages in addition to $5.5billion in tax revenues. I’ve heard some tall tales, but I would argue thatthese statistics are not among them. The assault on plastic recycling reallyhas gotten out of hand. In fact, just a few years ago the activists whopreviously touted the necessity of recycling to address plastics litter in theenvironment and landfill diversion moved the proverbial goalposts just as newtechnologies were developed that hold the promise of unlocking access topreviously difficult-to-recycle products. Effective solutions that achievemutual environmental and economic goals took a back seat to hyperbole andenticing motivators. While the process of recycling plastic can, does andcontinues to work, the false claims and soundbites do not. Simply put,recycling is real and already has had a real impact on solving one ofour most important environmental challenges. American companies recycle 4.8 billionpounds of plastic every year—and we can do better. I have seen every step ofthe recycling process—trust me, it’s the real deal. We can recycle andmust invest more in the infrastructure needed to make it easier for ourcommunities to reach the recycling rates we are capable of. In manycases, the biggest impediment to recycling more material is simply getting itinto the right receptacle after its use. Now, imagine yourself a consumer,finishing up a soda (That’s a “pop” in Minnesota. ), and, upon recalling thebillboard, you choose not to recycle, instead throwing your plastic inthe trash and eventually, a landfill. How in the world is that helping? If those who wish to dispel theessential value of recycling want to debate, let’s do so. Offer real,reasonable solutions and weigh in on the merits of “renew, reuse and recycle”rather than espouse nefarious claims on a billboard. In the meantime, let’sstop suggesting that recycling is "a myth." Such baseless claims are onlyhurting the hundreds of thousands of Americans whose families are supported bythe recycling industry and causing harm to our environment—Recycling is real. Matt Seaholm is president and CEO ofthe Plastics Industry Association , Washington, the only association thatsupports the entire plastics supply chain, including recyclers. Nonantum Capital Partners , a middle-market private equity firm based in Boston, has announced the acquisition of  LJP Waste Solutions  (LJP) from Aperion Management, Bend, Oregon. LJP, Mankato, Minnesota, is a leading regional provider of nonhazardous solid waste and recycling services specializing in zero landfill and waste-to-energy solutions. Founded in 1993, LJP provides disposal solutions, working directly with customers to conduct waste evaluations and determine waste streams that can be recycled or converted to fuel using waste-to-energy methods. In recent years, the company’s management team has expanded its geographic footprint by servicing additional customer locations and completing strategic acquisitions in the Midwest. Given Nonantum’s industry experience and successful track record of acquiring, nurturing and scaling businesses, the firm became the partner of choice for LJP’s management team. “At LJP, we’ve come a long way in the past 29 years, and we’re excited to see the new heights we will reach with support from our new partner,” LJP Waste Solutions CEO Steve Metz says. “Since our doors opened, we’ve worked closely with our customers to provide innovative waste solutions while working toward a more sustainable future, and we’re looking forward to continuing that work with Nonantum.” Nonantum Managing Partner Jon Biotti says LJP has a “strong business model” that features a unique set of sustainable solutions it can off customers. “Our team is excited to welcome LJP Waste Solutions to the Nonantum portfolio and partner with the management team on the continued expansion of zero landfill and traditional waste management services,” he says. Stifel acted as financial advisor to LJP Waste Solutions. Nonantum was advised by Goodwin in completing the LJP investment. LJP Waste Solutions is searching for other complementary businesses to acquire in the waste services space. If interested in learning more, contact Metz at 612-965-9460. Since scrap processors and traders assembled in Las Vegas for the Institute of Scrap Recycling Industries (ISRI) Convention & Exposition (ISRI2022) in late March, aluminum has seen a “marked turnaround in primary demand,” said Greg Wittbecker, an advisor to London-based CRU International. Wittbecker, speaking at ISRI2022 , said primary aluminum was heading for a “massive” 2.2 million metric ton shortage. “That is arguably the biggest deficit we’ve ever had in the history of people keeping track of such statistics.” However, in his presentation Sept. 16 during the ISRI Commodity Roundtables, Wittbecker said the market was now “more or less balanced” as consumption growth has been revised downward in response to inflation. In July, CRU forecasted 1.5 percent year-over-year consumption growth in 2022. As of September, that figure had been revised downward to 0.9 percent. Forecasted aluminum pricing also has been revised downward. In March, CRU  was forecasting that London Metal Exchange (LME) pricing for aluminum would average $3,200 to $3,300 per ton in the second half of 2022. That has been revised to $2,500 per ton in response to the pessimism about a global recession, Wittbecker’s presentation indicated. What has not changed since March is growth in scrap demand as three new mill projects have been announced for the U.S. by Novelis , Steel Dynamics Inc. (SDI) and Manna Capital/Ball . These projects dramatically will change the domestic aluminum scrap demand scenario and “will force the issue on UBC [used beverage can] collection,” Wittbecker said, as well as necessitate new approaches to sorting aluminum scrap, such as zorba and twitch, to make better use of these shredded metal grades. UBC and class scrap flows will change dramatically with these three projects, he said. “Everything kind of flows to what we call the I-65 corridor” in the Midwest, Wittbecker said. “If all three of these mills are built, and we see these new standalone cast houses that SDI is thinking of positioning, you're going to be looking at a radically different pattern. This is going to look like the O’Hare air traffic control pattern on a Friday afternoon. You’re going to see some traditional flow paths completely blow up—they're not even going to exist in the future. You're going to see some people completely cut off from traditional sources of supply. We may see West Coast UBCs not even make it back to the Midwest. We're going to see a radical reordering of the flow of the metal and who's going to capture it.” The scrap market is more dynamic than the primary market, Wittbecker said. “Everybody wants to talk about decarbonizing. I like to remind a lot of the people that aren't that close to our industry that we've been training low-carbon metal for probably 75 years; we’ve just always referred to it as scrap.” Shredded aluminum recovered from automobiles has the potential to lessen the scrap supply gap if the mixed material in the form of twitch can be segregated into extrusions, sheet and castings, he said, noting that aluminum accounts for nearly 120 pounds of weight in the average light vehicle manufactured in North America in 2012, according to data from Ducker Worldwide LLC . Of that, sheet accounts for just over 27 pounds, extrusions for 20.5 pounds and castings for 71.6 pounds. “We could potentially see a new market for zorba with Astraea ,” he said, noting the patented metal purification process developed by Pittsburgh-based aluminum producer Alcoa Corp. Alcoa says the Astraea process can “purify any postconsumer aluminum scrap into a purity level of P0101, surpassing the purity of P1020 aluminum that is produced at any commercial smelter.” “I’m here to tell you that there’s a lot of unanswered questions about this,” Wittbecker said of Astraea. “This is a process that’s still very much what I would say lab scale. It really isn’t into even pilot plant development.” The cost of the process also is unknown, he said. However, Wittbecker noted that zorba is more expensive than alumina, which is $700 per ton. According to Davis Index, the average price for a ton of zorba 95/2 freight alongside U.S. port in August was $1,366 per ton. “So that means this process is going to have to be dramatically cheaper than what it costs to make primary aluminum or they’re simply not going to be competitive on buying your zorba.” In the primary aluminum market, the energy crisis in Europe brought on by the war in Ukraine has led to the continent cutting production, which could result in an aluminum deficit. “We think we could see a modest recovery before the end of the year as people start thinking about the effects of these production curtailments,” Wittbecker said of the LME aluminum price. “We’re not going to get a big lift on the LME going forward, either in the next month or even in the next six months.” He said the Midwest premium is “still trying to find a floor,” adding, “We’re still seeing a lot of what I call long liquidation. We've got people that they've been holding metal. You can't finance metal in the U.S. profitably right now, and it's no different whether you're holding shredded aluminum or primary. If you can't finance it, it's a depreciation. Your CFO [chief financial officer] says get rid of it. And that's what we're seeing happen in the market right now.” He said that CRU does not believe short selling is occurring. “We just think we've got this sort of long, slow drip of long liquidation.” Josephita Harry, vice president of sales, nonferrous metals and electronic scrap, for Pan American Zinc, Miami, also addressed Roundtable attendees, saying, despite her company’s name, it trades more aluminum scrap than zinc. “This metal is the future,” she said of aluminum. “It has sustainability written all over it. It has recyclability written all over it.” The energy crisis in Europe will have ripple effects, Harry said, in the form of surplus scrap that is available to other markets. “Now our consumers in Asia and China and India are being flooded with more scraps from Europe in the immediate next few months,” she said. “Use that information to make informed decisions about what we would do about what's available in the United States. The good news is metal is always moving; we just need to know in what direction and use the information to make informed decisions about what we need to do with what we have.” The ISRI Commodity Roundtables were Sept. 14 to 16 in Chicago.

Nonantum Capital Partners Fund History

1 Fund History

Nonantum Capital Partners has 1 fund, including Nonantum Capital Partners Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

4/24/2018

Nonantum Capital Partners Fund I

$350M

2

Closing Date

4/24/2018

Fund

Nonantum Capital Partners Fund I

Fund Type

Status

Amount

$350M

Sources

2

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