TORONTO, April 20, 2022 /CNW/ – Minus Global Holdings Inc. (“Minus”) is pleased to announce its acquisition of Toronto-based food waste company, Planet Earth. Planet Earth is a leading provider of organic recycling services in southern Ontario. The acquisition will significantly expand Plant Earth’s market penetration and its service offerings to existing customers to include Minus’ proprietary in-situ food waste recycling technology, the ORCA Digester. Dedicated to environmental performance, Planet Earth currently offers several landfill diversion alternatives to their food waste collection customers. With Minus, Planet Earth customers can now choose the ORCA Digester to measure and minimize the amount of unnecessary food purchased and aerobically digests their unavoidable waste, diverting it away from traditional collection and disposal in landfills.
The funding for this acquisition was provided by Kensington Capital Partners Limited (“Kensington”).
“The Minus team is thrilled to have Planet Earth join our mission to reduce environmental impact of food waste and take garbage trucks off the road. Together, we will continue to deliver best-in-class food waste recycling services to our customers. The ORCA Digester now gives Planet Earth’s customers the opportunity to adopt leading-edge waste technology right at their premises – saving the environment while saving money,” said Minus CEO, Louis Anagnostakos.
Planet Earth is the largest food waste service provider in southern Ontario, with a 25-year history of delivering top quality customer service to some of the leading companies in the country. “Joining the Minus team ensures that Planet Earth continues to deliver the highest quality and most environmentally responsible food waste services in Ontario. Together, we look forward to providing customers with transparent and measurable results that transform their environmental footprint and rationalize their operations,” said Dave Bardocz, CEO of Planet Earth.
According to the United Nations Panel on Climate Change, 2021 saw the largest increase in methane production in recorded history. Food waste, when disposed in landfills, decomposes anaerobically to methane. Methane has roughly 80 times more warming power than carbon dioxide in the near-term.
In fact, the United Nation Food and Agriculture Organization (FAO) estimates that global food waste represents more greenhouse gas emissions than any country in the world except for China and the United States. This results in over $1 trillion USD of direct economic loss and $700 billion USD in environmental costs each year. With the planet rapidly approaching 1.5 degrees Celsius above pre-industrial levels, more than 100 countries, including Canada, have agreed to cut 30% of their methane emissions by 2030.
“We are very pleased with the progress made by the Minus management team and continue to support them with their vision toward powering a future where people use less energy, and provide cleaner, safer waste solutions. Planet Earth has a great business that is highly complementary to Minus. This is an important milestone, and we are excited about this new chapter,” said Tom Kennedy, Chairman, Kensington Capital Partners.
Founded in 1996, Kensington Capital Partners Limited (“Kensington”) is an employee-owned, high-performing alternative investment firm with offices in Toronto, Vancouver, and Calgary. Our purpose is to build great businesses, and in doing so, create top-performing investment solutions for our investors. As of March 2022, Kensington has assets under management of $2.4 billion, managed across several active funds.
Minus Global Holdings (“mínus”) is a distributed food waste solutions company established in Toronto, Canada in 2018. Led by a team of recognized international waste industry entrepreneurs, mínus is dedicated to investing in the intersection between traditional waste services and distributed technology, to measurably reduce the cost and environmental impact of food waste. mínus operates in 14 countries, transforming conventional food waste services through our hyperlocal technology – ORCA. (www.feedtheorca.com).
For over 25 years, the team at Planet Earth recycling has focused on providing food waste collection and recycling services to commercial customers in the Southern Ontario marketplace. The company has a pre treatment facility in Concord, Ontario that processes the incoming food waste into a high-grade energy producing feedstock that is marketed to anaerobic waste-to-energy facilities in the province.