Industrial Container Services (ICS), a provider of reconditioned container services and a portfolio company of Aurora Capital Group since August 2011, has been acquired by Centerbridge Partners.
According to Centerbridge, ICS is the largest provider of reusable container services in North America. The company’s primary focus is on the collection, reconditioning, and recycling of steel, plastic, and fiber drums as well as intermediate bulk containers. From its 49 facilities across the US and Canada, ICS reconditions and distributes close to 9 million containers annually and services more than 3,000 customers representing a variety of end markets, including food products, chemicals, petroleum products, waste disposal, coatings, and inks. ICS is led by Charles Veniez, President and CEO, and is headquartered near Orlando in Maitland, FL (www.iconserv.com).
“ICS is a market leader in the North American industrial container reconditioning services industry and provides a differentiated value proposition to its customers,” said Kyle Cruz, a Senior Managing Director of Centerbridge. “We believe this differentiation is a foundation for further growth and we are excited to partner with Charles, his senior management team and the 1,700 employees of ICS to support the company in the years ahead.”
Centerbridge Partners invests from $50 million to $300 million in US based leveraged buyouts and distressed securities. The firm has $29 billion of capital under management and is headquartered in New York with an additional office in London (www.centerbridge.com).
“It has been exciting for Aurora to be a part of ICS’ growth and expansion over the last six years,” said Mark Rosenbaum, a Partner at Aurora. “We wish the company and its new owners continued success.”
Aurora Capital focuses principally on control investments in middle-market industrial, manufacturing and service oriented businesses. The firm, founded in 1991, has $2.5 billion of capital under management and is headquartered in Los Angeles (www.auroracap.com).
Debt financing for the transaction was led by Goldman Sachs Bank and Ares Management, together with Deutsche Bank, Credit Suisse and Jefferies. Piper Jaffray was the financial advisor to ICS, and Credit Suisse was the buy-side financial advisor to Centerbridge.
© 2017 Private Equity Professional | May 2, 2017
