DLJ Merchant Banking Partners, a private equity investment affiliate of Credit Suisse First Boston, announced that it has executed a definitive agreement to acquire Wastequip, Inc. from CIVC Partners. Wastequip is a leading designer, manufacturer, and marketer of equipment used to collect, process, and transport solid and liquid waste materials. Wastequip, headquartered in Beachwood, Ohio, has 26 manufacturing facilities, two container repair facilities, two service centers and one aftermarket parts operation throughout North America. The company, with over $300 million in annual sales, is a leading consolidator among waste handling equipment manufacturers, with a strong record of both internal growth and successful acquisitions. Terms of the transaction were not disclosed.
“We are excited to be partnering with DLJ Merchant Banking Partners in this transaction. DLJ Merchant Banking is committed to significantly expanding Wastequip’s business, providing the company with strategic advice, equity capital and access to a world-renowned investment bank,” said Robert Rasmussen, president and CEO of Wastequip. “We have enjoyed an outstanding relationship with CIVC Partners over the last five years as the company has more than doubled in revenue and earnings and completed several strategic acquisitions. Wastequip is well positioned to build on its momentum in the marketplace and continues to focus on providing its customers with the highest quality products and service. We are also pleased to announce that our entire management team will stay in place under the new ownership.”
Ed Johnson, a partner at DLJ Merchant Banking said: “We look forward to working with management to continue Wastequip’s track record of strong growth. Under the leadership of Bob Rasmussen and his management team, Wastequip has built an impressive reputation in the industry. We believe the next several years are exciting times for Wastequip, its employees and its customers.”
Source: Wastequip, Inc.
