Printer Friendly
The Free Library
4,491,315 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

DLJ Merchant Banking Partners' Closes Sale of Wastequip.


First Investment Managed by Present Team Reaps 150% IRR in 18 Months

NEW YORK -- DLJ Merchant Banking Partners, a private equity investment affiliate of Credit Suisse, announced today the completion of its sale of Wastequip, Inc. to Odyssey Investment Partners LLC in a transaction valued at USD 616 million.

Wastequip is North America's largest designer, manufacturer and marketer of equipment used to collect, process and transport solid, liquid and semi-liquid waste materials. DLJ MBP purchased the company in May 2005, beginning a highly successful period of ownership that lasted 18 months.

"The sale of Wastequip is another example of the value that DLJ delivers to its clients," said Edward A. Johnson, Managing Director at DLJ Merchant Banking Partners and lead partner on the Wastequip investment. "The results speak for themselves. In a short period of ownership, DLJ's investment in Wastequip yielded a 3.1x cash-on-cash return and an IRR of over 150%."

During the course of DLJ's ownership, Wastequip made a series of operational improvements that had an immediate impact. The company structured and implemented an emerging market sourcing program, leveraging Credit Suisse's relationships in China. Domestically, Wastequip rationalized the use of its facilities, expanding capacity by opening a new, greenfield facility in Northern Virginia and completed 7 acquisitions.

"Through our partnership with DLJ, we achieved our goals in part by leveraging the resources available through DLJ's investment bank affiliation," said Robert Rasmussen, Chief Executive Officer of Wastequip. "We accelerated our acquisition program into other business lines, further strengthening our value proposition and relationships with key customers. Our efforts increased company revenues by 56% and EBITDA by 91%."

"I'm very excited about the success of this investment," stated Steven Rattner, Managing Director and head of DLJ Merchant Banking Partners. "Wastequip was handled from start to finish by the present DLJ team - the team that is investing our fourth fund, which closed oversubscribed in November."

DLJ Merchant Banking Partners makes control investments in middle market companies, acting as lead sponsor for USD20-200 million equity investments. Leveraging its affiliation with Credit Suisse, DLJ is able to source proprietary opportunities in a diverse range of industries and regions. Post investment, DLJ draws upon the expertise of a team of industry and operating partners to create value in its portfolio companies.

Information

Suzanne Fleming, Director, Corp Comm Tel: 212-325-7396 suzanne.fleming@credit-suisse.com

About Wastequip

Wastequip, nationally known for personal service, manufactures a diverse line of waste handling, recycling and material handling equipment, and operates numerous manufacturing facilities throughout North America. For more information on Wastequip, visit www.wastequip.com or call 216-292-2554.

About DLJ Merchant Banking Partners

DLJ Merchant Banking Partners (DLJMB) is a leading private equity investor that has a 21-year record of investing in leveraged buyouts and related transactions across a broad range of industries. DLJMB, with offices in New York, London and Los Angeles, is part of Credit Suisse's Alternative Investments business ("AI"), one of the largest alternative asset managers in the world, with more than $108 billion of assets under management. AI, which is part of the Asset Management business, is comprised of a diverse family of funds, including private equity, leveraged buyouts, mezzanine, real estate, secondary funds and fund of funds, as well as the businesses covering hedge funds (both direct and fund of funds), leveraged loan and collateralized debt obligation investment programs, core real estate funds, and quantitative investment and volatility management products.

About Credit Suisse

As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 40,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

In its Asset Management business, Credit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income, and multiple asset-class products to alternative investments such as real estate, hedge funds, private equity and volatility management. Credit Suisse's Asset Management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions, and corporations to private individuals. With offices focused on asset management in 18 countries, Credit Suisse's asset management business is operated as a globally integrated network to deliver the bank's best investment ideas and capabilities to clients around the world.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 6, 2007
Words:784
Previous Article:MetaPass Introduces World's First Universal Enterprise Single Sign-On.
Next Article:The Hunger Site Supporters Reach 500,000,000 Cups of Food Funded for the Hungry.
Topics:



Related Articles
OSi Specialties. (Business Briefs: Acquisitions, Expansions) (Brief Article)
DeCrane's stock buy-back plan may hit roadblock. (DeCrane Aircraft Holdings Inc.)
DLJ MERCHANT BANKING PARTNERS ACQUIRES ADVANSTAR COMMUNICATIONS.(Brief Article)
DLJ Merchant Banking Partners.(Brief Article)
AT CLOSING NEWS.(Rawhide Holdings Corp. to acquire IBP Inc.)(Brief Article)
BFGoodrich.
DLJ Merchant Banking Partners.(Susan Schnabel appointed)(Brief Article)
DLJ Merchant Banking Partners, the private equity arm of Credit Suisse First Boston, tapped Susan Scinabel.(INSIDE TRACK)(Brief Article)
DLJ Merchant Banking Partners (New York) has decided not to divest Advanstar Communications.
DLJ Merchant Banking Partners Completes Acquisition of RathGibson.

Terms of use | Copyright © 2008 Farlex, Inc. | Feedback | For webmasters | Submit articles