Herbert Smith Freehills Advised The Carlyle Group Inc. On Waste Services Group’s acquisition
Herbert Smith Freehills Advised The Carlyle Group Inc. On Waste Services Group’s acquisition
The transaction was complex, with a tailor-made acquisition, financing and co-ownership structure.
Herbert Smith Freehills (HSF) has advised The Carlyle Group Inc. (Carlyle) on Waste Services Group’s (WSG’s) acquisition from private equity firm Livingbridge via a competitive auction process.
Since its inception in 2016, WSG, a waste services business operating in the commercial and industrial segment of the Australian waste sector, has grown to now serve more than 10,000 customers and employs more than 600 people.
The transaction was complex, with a tailor-made acquisition, financing and co-ownership structure. A significant minority stake in WSG will be retained by Livingbridge.
Advice on the corporate aspects of the transaction was provided by HSF partners Baden Furphy and Tom Hoare, senior associate Taseen Rafi, and solicitors James Webb and Zoe Feldman. Advice on the debt financing aspects of the transaction was provided by HSF partner Hayley Neilson, senior associate Kelvin Choy, and solicitor Matthew Bramich. Advice on the environmental and planning and real estate aspects of the transaction was provided by HSF partner Heidi Asten, executive counsel Julia Orbach, and senior associate Paige Mortimer.
Hayley Neilson reportedly said, “It was a privilege to support the Carlyle team on this complex transaction. We are pleased to have been their trusted adviser and look forward to supporting Carlyle and the WSG management team as they move forward with their strategy and drive the next phase of growth for the asset.”
Tom Hoare reportedly said, “We are thankful for Carlyle instructing us on this significant and complex transaction. We enjoyed working with Carlyle’s global team across Sydney, the US, London and Hong Kong.”
This transaction is the latest example of HSF’s market-leading work in private equity.
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