Wastequip, a leading North American manufacturer of waste equipment, announces it has signed a definitive agreement to be acquired by H.I.G. Capital, LLC (鈥淗.I.G.鈥�), a leading global private equity investment firm. Wastequip has been owned by Centerbridge Partners, L.P. (鈥淐enterbridge鈥�) since 2012.
Marty Bryant, chief executive officer of Wastequip, commented, 鈥淲e want to thank Centerbridge Partners for their invaluable partnership over the last 5 years. Centerbridge鈥檚 support has been instrumental in strengthening Wastequip鈥檚 position as the largest and most trusted supplier in the waste equipment industry with leading brands, top quality products and world-class customer service.鈥�
Kyle Cruz, senior managing director at Centerbridge said, 鈥淥ver the past five years, we partnered with Marty and his team to improve the performance and competitiveness of the company. We are proud of their success and believe that Wastequip is well-positioned for the future.鈥�
Bryant continued by saying, 鈥淎s we transition into this next stage of our company鈥檚 life, we couldn鈥檛 be more excited to partner with a firm like H.I.G. The resources and industry knowledge that H.I.G. brings will allow us to accelerate our growth plan. With this partnership, we are confident we will grow our already industry-leading position and, most importantly, continue to satisfy the needs of our customers.鈥�
鈥淲e are very excited to partner with Marty and the rest of the Wastequip team,鈥� said Tenno Tsai, managing director at H.I.G. 鈥淭he company鈥檚 diverse product portfolio, customer base and nationwide footprint uniquely position it to capitalize on growth opportunities. We look forward to supporting Wastequip鈥檚 next phase of growth by investing in new product development, geographic expansion and complementary acquisitions.鈥�
Wastequip鈥檚 existing management team will continue to run the business going forward. The transaction is subject to customary closing conditions and is expected to be completed by the end of the first quarter of 2018. Barclays Capital, Inc. (鈥淏arclays鈥�) and Credit Suisse Securities (USA) LLC are providing committed financing for the transaction. Barclays acted as lead financial advisor, Moelis & Company LLC acted as financial advisor, and Milbank, Tweed, Hadley & McCloy LLP provided legal advice to Wastequip in the transaction. Houlihan Lokey acted as financial advisor and Ropes & Gray LLP provided legal advice to H.I.G.
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