Portland, Oregon-based True West Capital Partners has led what it calls a $20 million junior capital investment in sorting and recycling equipment maker Bulk Handling Systems (BHS). Eugene, Oregon-based BHS indicates it will use the capital to pursue growth opportunities.
Los Angeles-based Caltius Structured Capital, which financed a management buyout of BHS in 2008 and is an equity owner of the company, co-invested in the financing.
“This investment comes at a time where we are projecting substantial growth due in large part to our launch of the Max-AI product,” comments Steve Miller, CEO of BHS. “We see a zero waste future and have an increasing number of communities committed to that goal because their residents demand it.”
BHS designs, manufactures and installs systems designed to extract recyclables from the overall waste stream. The company recently launched Max-AI, a robotic sorting system that uses artificial intelligence to select and sort specifically identified objects from the waste stream with what the company indicates is 95 percent precision.
“The technology is recognized for dramatically improving the quality of materials generated at the sorting facility while also improving safety at material recovery facilities (MRFs),” according to the firm, which has completed hundreds of installations on five continents in the past 10 years
“We look for companies in the Western United States with the desire to lead their industries through innovation, service and ingenuity,” says Steve Wilkins, managing director and co-founder of True West. “Bulk Handling Systems’ material handling equipment, NRT optical sorting technology and NIHOT air separation technology have set the standard for MRFs. These technologies, when combined with recent innovations such as Max-AI and Zero Waste, will enable waste haulers and MRFs to meet new state- and federally-mandated benchmarks for waste recovery across the globe,” he continues. “It is an important moment for governments, municipalities and waste management partners to see BHS’ performance, and for the company to be in a position for growth globally.”
True West provides what it calls flexible junior capital to middle-market companies in the Western U.S. with revenue figures of from $20 million to $250 million. Founded in 2009, True West states it is dedicated to building and maintaining long-term relationships with the management teams of its portfolio companies, its investors and its business community. For more information, visit
Caltius Structured Capital indicates it invests from $7 million to $50 million in companies with positive cash flow, designing flexible capital. It has invested approximately $1.2 billion in 67 transactions since 1997.