M&A Deal Summary

Stericycle Acquires Shred-it International

On July 15, 2015, Stericycle, Inc. acquired business services company Shred-it International, Inc. from Crossroads Capital Partners LLC, Westerkirk Capital, Inc., Birch Hill Equity Partners and Adams Street Partners for 2.3B USD

Acquisition Highlights
  • This is Stericycle’s 2nd transaction in the Business Services sector.
  • This is Stericycle’s 1st largest (disclosed) transaction.
  • This is Stericycle’s 2nd transaction in Canada.
  • This is Stericycle’s 2nd transaction in Ontario.

M&A Deal Summary

Date 2015-07-15
Target Shred-it International, Inc.
Sector Business Services
Buyer(s) Stericycle, Inc.
Sellers(s) Crossroads Capital Partners LLC
Westerkirk Capital, Inc.
Birch Hill Equity Partners
Adams Street Partners
Deal Type Add-on Acquisition
Deal Value 2.3B USD

Target

Shred-it International, Inc.

Oakville, Ontario, Canada
website
Shred-it International, Inc. is a global secure information destruction services provider. Shred-it was formed in 1988 and is based in Oakville, Ontario.

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Buyer(S) 1

Buyer

Stericycle, Inc.

Bannockburn, Illinois, United States

website


Category Company
Founded 1989
SectorEnvironmental
Employees14,400
Revenue 2.7B USD (2020)
DESCRIPTION

Stericycle is a medical waste management company focused on medical waste collection, transportation, treatment, and disposal of sanitized sterilized medical waste to unrelated fourth-party owned landfills. Stericycle was founded in 1989 and is based in Bannockburn, Illinois.


DEAL STATS #
Overall 9 of 9
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 9 of 9
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2015) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Chemical Analytics, Inc.

Romulus, Michigan, United States

Chemical Analytics, Inc. is a provider of waste treatment, storage, transportation, and disposal services for colleges, laboratories, hospitals, and research & development facilities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-03 Stericycle, Inc. - Controlled Environmental Solutions business

Lake Forest, Illinois, United States

Stericycle, Inc. - Controlled Environmental Solutions business is consisting of B&V Testing and Certco services, is a leading provider of testing and certification, environmental monitoring and decontamination services for clean rooms and other controlled environments to ensure safety, regulatory compliance and quality control.

Sell $17M

Seller(S) 4

SELLER

Crossroads Capital Partners LLC

Chicago, Illinois, United States

Investor Investor

website


Category Private Equity Firm
SizeSmall
Type Sector Agnostic
DESCRIPTION

Crossroads Capital Partners is a private equity firm focused on investing in 'information-intensive' companies where technology can be employed to improve performance. Specific areas of interest include front-office services, back office services, HR & benefits, logistics, and administration services. Target companies are typically profitable and have revenues of $10 to $80 million. Prospective transaction situations include outright sales, management buyouts, recapitalizations, and corporate divestitures. Crossroads Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-05 Shred-it International, Inc.

Oakville, Ontario, Canada

Shred-it International, Inc. is a global secure information destruction services provider. Shred-it was formed in 1988 and is based in Oakville, Ontario.

Buy -
SELLER

Westerkirk Capital, Inc.

Victoria, British Columbia, Canada

website


Category Asset Manager
SizeSmall
Type Sector Agnostic
DESCRIPTION

Westerkirk Capital is an investment firm focused on partnering with business owners and managers to pursue growth opportunities. The Firm manages private capital for a single Canadian investor and generally takes a long-term approach when investing. Westerkirk is a generalist investor, with interest in transportation, apparel, media, manufacturing, business services, aerospace, consumer products, and real estate. Westerkirk Capital is based in Victoria, British Columbia.


DEAL STATS #
Overall 2 of 5
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Ontario) 2 of 3
Country (Canada) 2 of 5
Year (2015) 2 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-10 Sleep Country Canada

Toronto, Ontario, Canada

Sleep Country is the largest mattress retailer in Canada under both the Sleep Country Canada and Dormez-vous banners. In addition, Sleep Country is the largest mattress retailer in Arizona under the Sleep America banner. Sleep Country Canada was founded in 1994 and is based in Brampton, Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-15 Gaspard & Sons Ltd.

Winnipeg, Manitoba, Canada

Gaspard & Sons Ltd. is a manufacturer and distributor of academic regalia, clergy vestments, choral robes, and legal and judicial attire. The Company’s products are primarily sold direct-to-user in Canada, while the U.S. market is served via a combination of company and independent representatives.

Sell -
SELLER

Birch Hill Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 3.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Birch Hill Equity Partners Management, Inc. is a middle-market private equity firm focused on investments in Canadian companies. Birch Hill targets growth oriented businesses valued between C$30 and C$600 million. Sectors of interest include agriculture, communications, energy, environmental, entertainment, distribution, healthcare, manufacturing, software, and technology. Birch Hill will not consider investments in real estate, pure commodity companies or start ups. Birch Hill Equity Partners Management, Inc. was formed in 1994 and is based in Toronto, Canada.


DEAL STATS #
Overall 25 of 34
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 10 of 16
State (Ontario) 13 of 18
Country (Canada) 21 of 28
Year (2015) 3 of 3
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-10 Sleep Country Canada

Toronto, Ontario, Canada

Sleep Country is the largest mattress retailer in Canada under both the Sleep Country Canada and Dormez-vous banners. In addition, Sleep Country is the largest mattress retailer in Arizona under the Sleep America banner. Sleep Country Canada was founded in 1994 and is based in Brampton, Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-08 Aquaterra Corporation Ltd.

Toronto, Ontario, Canada

Aquaterra Corporation Ltd. is a distributor and manufacturer of large format bottled water.

Sell CA$62M
SELLER

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1972
PE ASSETS 26.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 58 of 85
Sector (Business Services) 3 of 4
Type (Add-on Acquisition) 30 of 44
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2015) 3 of 6
Size (of disclosed) 1 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-04 Visible World, Inc.

New York, New York, United States

Visible World is a provider of targeted television advertising solutions. Visible World's suite of services enables advertisers, agencies, and media companies to deliver addressable, interactive, and measurable ads. Visible World campaigns increase ad relevance and engagement by providing capabilities to target real-time offers, products, and creative based on geography, programming, inventory levels, time of day, weather, and other data-driven conditions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-18 Boundary, Inc.

Mountain View, California, United States

Boundary, Inc. is a provider of SaaS-based infrastructure management service that delivers event monitoring for ultra-granular insights into application metrics that help IT detect and diagnose problems fast.

Sell -