Altamont Environmental Inc.

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river flowing through a forest

Location:

Asheville, NC

County:

Buncombe

Description:

Mortgage refinancing and provision
of business line of credit

Total Project Costs:

$825,000 (NCIF $179,000)

People:

Altamont Environmental Inc. began in 1996 as an Asheville, North Carolina, branch of Fletcher Group, which was formerly headquartered in Greenville, South Carolina. Under the leadership of branch manager James McElduff, Fletcher Group of North Carolina provided traditional environmental engineering services such as solid waste management and assessment and remediation of contaminated soil and groundwater. In 2001, the branch was purchased by James McElduff, Stuart Ryman and John Thornton and renamed Altamont Environmental Inc. The company is currently owned by Stuart Ryman, Joel Lenk and Christopher Gilbert. Through its commitment to excellence, Altamont grew rapidly and expanded its range of services. These services include: regulatory compliance; environmental investigations; remediation and restoration, including streams and wetlands; site redevelopment , including Brownfields Development, water treatment, erosion control and stormwater plans; and solid waste management, including water quality monitoring and landfill gas management, as well as groundwater and surface water investigations. The company’s staff is comprised of civil and environmental engineers, geologists and hydrologists and provides a range of expertise on complex environmental projects.

Role of NCIF:

In 2010, First Citizens Bank approached the Natural Capital Investment Fund, looking for a partner to help refinance Altamont Environmental’s real estate mortgage and building renovation line of credit and to provide a business line of credit. The company’s new headquarters was formerly a spay and neuter clinic owned by the Asheville Humane Alliance and was in need of some upfit to meet Altamont’s needs. Together NCIF and First Citizens Bank provided Altamont Environmental with $825,000 to refinance the mortgage and fund a new line of credit.

Impact:

The mortgage refinancing and business line of credit, have allowed Altamont Environmental to continue expanding and hiring new staff. In addition, Altamont has launched a new septic tank cleaning system that cleans industrial wastewater to a much higher level than current systems. The company currently has a 15 percent to 20 percent share of the Western North Carolina market, but with financing from NCIF and First Citizens Bank, it anticipates significantly expanding its market share andgeographical footprint.