Wastequip announced Tuesday it has signed a definitive agreement to be acquired by H.I.G. Capital LLC, a leading global private equity investment firm. Wastequip has been owned by Centerbridge Partners LP, since 2012.
“We want to thank Centerbridge Partners for their invaluable partnership over the last fives years. 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,” says Marty Bryant, CEO at Wastequip.
Kyle Cruz, senior managing director at Centerbridge adds, “Over 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.”
Wastequip’s 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, the company says.
“We are very excited to partner with Marty and the rest of the Wastequip team,” says Tenno Tsai, 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.”
“As we transition into this next stage of our company’s life, we couldn’t 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,” adds Bryant.