TORONTO, Aug. 30 /PRNewswire/ - Whitecastle Private Equity Partners Fund
LP ("Whitecastle"), a Toronto based private equity firm, announced today it
has completed an investment in Turtle Island Recycling Corporation ("Turtle
Island or the Company"). "Whitecastle's partnership with Turtle Island
provides us with an entry point into Canada's largest market for environmental
services," said Whitecastle Managing Director Carey Diamond. "We view this
industry sector as having considerable growth opportunities, and we look
forward to working with the Company's management team to continue to grow
Turtle Island into one of Canada's foremost environmental services
enterprises.
    "Turtle Island is a true Canadian success story, and its profitable
growth, outstanding customer service and business innovations are testaments
to the management team and particularly to the co-founders, Ted Manziaris and
Louis Anagnostakos," said Whitecastle Managing Director Elmer Kim.
    Turtle Island, one of the leading recycling and waste management
companies in the Greater Toronto Area, provides non-hazardous solid waste and
recycling collection services to commercial and industrial customers, as well
as to residential customers. The Company also owns and operates a transfer
station and material recovery facility located in downtown Toronto. The
Company was founded in the early 1990s by Ted Manziaris and Louis Anagnostakos
and both of them will continue in their current management roles with the
Company. They will be joined by Steve Brown as Chief Financial Officer. Most
recently Mr. Brown was an Executive-In-Residence at Whitecastle and previously
a co-founder and Chief Financial Officer of Cineplex Galaxy Income Fund.
    The bank financing for Whitecastle's investment was provided by the
National Bank of Canada. National Bank of Canada has become Turtle Island's
banker and provides the Company with a working capital facility. "National
Bank is pleased to be a part of this new financing. As a Lender with a
specific commitment to serve growing entrepreneurial companies, we welcome the
opportunity to support the talent and dedication of Turtle Island's
co-founders in their new partnership with Whitecastle," said National Bank
Vice President, Lili Shain.
    "We believe that Turtle Island's new partnership with Whitecastle will
allow us to continue to grow the Company as opportunities present themselves
in the growing and constantly changing environmental services sector, said
Mr. Anagnostakos. "The expertise and financial capital Whitecastle provides
will ensure that Turtle Island is leading the charge in this industry," added
Mr. Manziaris.
    The financial terms of the transaction were not disclosed.

    About Whitecastle Private Equity Partners Fund LP

    Whitecastle Private Equity Partners Fund LP is a Toronto-based investment
fund focused on providing capital and expertise for growth and buyouts in
small and medium-sized enterprises. Whitecastle targets opportunities in
certain key business sectors such as the environment, health care services and
products, financial services and manufacturing. More information about
Whitecastle is available at http://www.whitecastle.ca.

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