H.I.G. Buys Wastequip from Centerbridge

H.I.G. Capital has agreed to acquire Wastequip from Centerbridge Partners. Centerbridge acquired Wastequip from Odyssey Investment Partners in June 2012 when the company was forced to restructure its debt.

Wastequip is a manufacturer of waste handling equipment used to collect, store, transport, and manage a wide range of solid and liquid waste and recyclables. The company’s products include both steel and plastic dumpsters, compactors, balers, and carts and are sold under the company’s brand names including Wastequip, Toter, Galbreath, Pioneer, Accurate, Cusco, Mountain Tarp and Parts Place. Wastequip has manufacturing facilities in both the US and Canada and an extensive dealer network. The company, led by CEO Marty Bryant, was founded in 1989 and is headquartered in Charlotte (www.wastequip.com).

“We want to thank Centerbridge Partners for their invaluable partnership over the last 5 years,” said Mr. Bryant. “Centerbridge’s support has been instrumental in strengthening Wastequip’s position as the largest and most trusted supplier in the waste equipment industry with leading brands, top quality products and world-class customer service.”

“Over the past five years, we partnered with Marty and his team to improve the performance and competitiveness of the company,” said Kyle Cruz, a Senior Managing Director at Centerbridge. “We are proud of their success and believe that Wastequip is well-positioned for the future.”

Centerbridge invests from $50 million to $300 million in US-based leveraged buyouts and distressed securities. The firm has $28 billion of capital under management and is headquartered in New York with an additional office in London (www.centerbridge.com).

“We are very excited to partner with Marty and the rest of the Wastequip team,” said Tenno Tsai, a Managing Director at H.I.G. “The company’s diverse product portfolio, customer base and nationwide footprint uniquely position it to capitalize on growth opportunities. We look forward to supporting Wastequip’s next phase of growth by investing in new product development, geographic expansion and complementary acquisitions.”

H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing and service businesses. H.I.G. has more than $24 billion of capital under management. The firm is based in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro (www.higcapital.com).

Barclays Capital and Credit Suisse Securities are providing committed financing for the transaction which is expected to be completed by the end of the first quarter of 2018.

© 2018 Private Equity Professional | February 12, 2018

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