Wastequip, a manufacturer of waste and recycling equipment, announced today that it has completed the recapitalization of its balance sheet and is now majority owned by Centerbridge Partners. As a result of the recapitalization, Wastequip has eliminated over $550 million of debt, reduced its annual interest expense by over 80 percent, and obtained a new $40 million revolving credit facility.
Wastequip is a manufacturer of waste and recycling equipment with an international network of 27 manufacturing facilities and the most extensive dealer network in North America. Wastequip’s range of waste and recycling equipment and systems are used to collect, process and transport recyclables, solid waste, liquid waste and organics. The company’s brands include Wastequip, Toter, Galbreath, Pioneer, Accurate, Cusco, Mountain Tarp and Parts Place. Wastequip was founded in 1989 and is based in Charlotte, NC (www.wastequip.com).
In connection with the completion of the recapitalization, John Scott, President and Chief Executive Officer of the company, announced his retirement. In tandem, the company also announced the appointment of Mr. Martin “Marty” Bryant to succeed Mr. Scott as Chief Executive Officer. Mr. Bryant served as a senior executive of Dana Corporation from 2008 to 2011, most recently as President of the Light Vehicle Products Division.
“I am excited to be joining Wastequip as we begin this new chapter together. The company’s industry-leading products and services, culture of customer service and innovation and strong operating capabilities are key differentiators. We are committed to building long-term value for our customers, employees, communities and shareholders,” said Mr. Bryant.
Centerbridge Partners invests between $50 million and $300 million in US based leveraged buyouts and distressed securities. The firm has $20 billion of capital under management and is based in New York, NY (www.centerbridge.com).
“We commend John and the team for leading the company through a complex recapitalization. Now, with the transaction complete, Wastequip is poised for growth. We are excited to partner with Marty Bryant and Wastequip management to further strengthen the company’s leading market position,” said Kyle Cruz, a Managing Director at Centerbridge.