Considering an investment in a landfill, a private equity firm tasked GBB to perform a due diligence review.

Waste Market Analysis

GBB analyzed both local waste-disposal markets, identified waste that may be available to the landfill, and reviewed waste-disposal agreements in effect for the landfill.

Landfill Technical Review

GBB reviewed technical and design documents along with landfill operating reports, with a focus on the following:

• Solid waste and air‐emission permits
• Regulatory compliance history
• Landfill Operating Plan
• Plans for obtaining cover soil
• Plans for landfill‐gas capture and control, and projections of landfill gas generation
• The projection for the remaining permitted and unpermitted airspace

Investment Pro Forma Review

GBB reviewed the assumptions made in the investment pro forma and provided an opinion as to their reasonableness with a focus on:

• Waste volume, tipping fee, and revenue projections
• Projected revenues from the beneficial use of landfill gas
• Rate of waste compaction/airspace utilization
• Landfill staffing plans and labor cost assumptions
• Mobile equipment utilization, operating expenses, and replacement schedules
• Landfill operating expenses
• Estimates for future landfill cell construction
• Estimates for cell closure expense
• Estimates for reserves required for post‐closure monitoring and maintenance