Amlon Group has acquired Excel TSD in a transaction completed by Heartwood Partners through its portfolio company The Amlon Group.
The Amlon Group specializes in waste-to-value processing, focusing on recycling industrial byproducts rather than disposing of them in landfills. Specifically, Amlon processes metal-bearing waste streams from industries such as oil refining and semiconductor manufacturing, recovering valuable metals like copper, nickel and cobalt, which are then sold back into the supply chain. The company, led by CEO Mark Wayne, is headquartered near Dallas in Plano, Texas.
Excel TSD operates an RCRA (Resource Conservation and Recovery Act) Part B permitted facility for hazardous and non-hazardous waste treatment, storage and disposal. Founded in 2003 and headquartered in Memphis, Tennessee, Excel provides onsite industrial services, waste blending and disposal capabilities to customers across multiple sectors.
[caption id="attachment_235593" align="alignright" width="120"] Mark Wayne[/caption]
“The Excel acquisition is a transformative addition to the Amlon platform,” said Mr. Wayne. “Excel's industrial onsite services, waste-blending capabilities, and hazardous waste disposal permit and expertise open additional new waste streams for us, complementing our existing processing and treatment infrastructure.”
In December 2025, Heartwood Partners closed a continuation fund for Amlon with $245 million in capital. The new fund was led by Apogem Capital alongside New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners and Flexstone Partners. The acquisition of Excel TSD is Amlon’s third add-on since the closing of Heartwood’s continuation vehicle and the seventh completed under Heartwood’s ownership.
Since Heartwood’s initial investment in Amlon in December 2021 through its third fund, Amlon has closed the following add-on acquisitions: Louisiana-based Thermaldyne (September 2022); Texas-based Paragon Southwest (June 2023); Tennessee-based Music City Group (June 2023); Texas-based EcoWerks (January 2024); Tennessee-based Mastermelt America (2024); Texas-based Lion Industrial Resources (March 2026); and now Tennessee-based Excel TSD (April 2026).
“Beyond the Excel TDS facility, this acquisition strengthens our geographic presence in the Mid-South region and gives us access to a diversified customer base across multiple end markets,” added Mr. Wayne. “We see meaningful opportunities to drive growth by cross-selling Amlon's full suite of environmental services to Excel's customers, implementing commercial best practices, and investing in the operations to maximize the facility's capacity.”
[caption id="attachment_235590" align="alignright" width="120"] Demetrios Dounis[/caption]
“We are proud to support Mark and the entire Amlon team in completing what has been a steadfast but highly strategic transaction,” said Demetrios Dounis, a managing partner at Heartwood. “The Excel acquisition is a compelling example of Amlon's ability to identify and execute on strategic add-on opportunities that expand the company's capabilities and geographic reach.”
Heartwood Partners invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of interest include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded as Heartwood Partners in September 2020.
The Amlon Group specializes in waste-to-value processing, focusing on recycling industrial byproducts rather than disposing of them in landfills. Specifically, Amlon processes metal-bearing waste streams from industries such as oil refining and semiconductor manufacturing, recovering valuable metals like copper, nickel and cobalt, which are then sold back into the supply chain. The company, led by CEO Mark Wayne, is headquartered near Dallas in Plano, Texas.
Excel TSD operates an RCRA (Resource Conservation and Recovery Act) Part B permitted facility for hazardous and non-hazardous waste treatment, storage and disposal. Founded in 2003 and headquartered in Memphis, Tennessee, Excel provides onsite industrial services, waste blending and disposal capabilities to customers across multiple sectors.
[caption id="attachment_235593" align="alignright" width="120"] Mark Wayne[/caption]
“The Excel acquisition is a transformative addition to the Amlon platform,” said Mr. Wayne. “Excel's industrial onsite services, waste-blending capabilities, and hazardous waste disposal permit and expertise open additional new waste streams for us, complementing our existing processing and treatment infrastructure.”
In December 2025, Heartwood Partners closed a continuation fund for Amlon with $245 million in capital. The new fund was led by Apogem Capital alongside New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners and Flexstone Partners. The acquisition of Excel TSD is Amlon’s third add-on since the closing of Heartwood’s continuation vehicle and the seventh completed under Heartwood’s ownership.
Since Heartwood’s initial investment in Amlon in December 2021 through its third fund, Amlon has closed the following add-on acquisitions: Louisiana-based Thermaldyne (September 2022); Texas-based Paragon Southwest (June 2023); Tennessee-based Music City Group (June 2023); Texas-based EcoWerks (January 2024); Tennessee-based Mastermelt America (2024); Texas-based Lion Industrial Resources (March 2026); and now Tennessee-based Excel TSD (April 2026).
“Beyond the Excel TDS facility, this acquisition strengthens our geographic presence in the Mid-South region and gives us access to a diversified customer base across multiple end markets,” added Mr. Wayne. “We see meaningful opportunities to drive growth by cross-selling Amlon's full suite of environmental services to Excel's customers, implementing commercial best practices, and investing in the operations to maximize the facility's capacity.”
[caption id="attachment_235590" align="alignright" width="120"] Demetrios Dounis[/caption]
“We are proud to support Mark and the entire Amlon team in completing what has been a steadfast but highly strategic transaction,” said Demetrios Dounis, a managing partner at Heartwood. “The Excel acquisition is a compelling example of Amlon's ability to identify and execute on strategic add-on opportunities that expand the company's capabilities and geographic reach.”
Heartwood Partners invests in U.S.-based companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million. Sectors of interest include food, agriculture, specialty chemicals, niche manufacturing, packaging, and industrial and consumer services. Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and rebranded as Heartwood Partners in September 2020.
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