M&A Deal Summary

Highstar Capital Acquires Advanced Disposal Services

On July 19, 2006, private equity firm Highstar Capital acquired environmental company Advanced Disposal Services from ABS Capital Partners, Five Points Capital and Incline Equity Partners for 470M USD

Acquisition Highlights
  • This is Highstar Capital’s 1st transaction in the Environmental sector.
  • This is Highstar Capital’s 3rd largest (disclosed) transaction.
  • This is Highstar Capital’s 10th transaction in the United States.
  • This is Highstar Capital’s 1st transaction in Florida.
Investment Fate
  • Advanced Disposal Services went public in 2016.
  • Advanced Disposal Services was sold to a strategic buyer in 2019 for 4.9B USD.

M&A Deal Summary

Date 2006-07-19
Target Advanced Disposal Services
Sector Environmental
Buyer(s) Highstar Capital
Sellers(s) ABS Capital Partners
Five Points Capital
Incline Equity Partners
Deal Type Secondary Buyout
Deal Value 470M USD

Target

Advanced Disposal Services

Jacksonville, Florida, United States
Advanced Disposal Services, Inc. is an integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services operating primarily in secondary markets or under exclusive arrangements. Advanced Disposal has a presence in 18 states across the Midwest, South and East regions of the US. Advanced Disposal Services, Inc. was founded in 2000 and is headquartered in Ponte Vedra, Florida.

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Buyer(S) 1

Buyer

Highstar Capital

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Highstar Capital is a private equity fund focused on investments in infrastructure related companies and assets. Highstar specifically targets businesses that deal in energy, transportation, waste management and water. The Firm will consider opportunities throughout North America and Europe. Highstar Capital was formerly known as AIG Highstar Capital. The Firm was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 10 of 21
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Florida) 1 of 3
Country (United States) 10 of 19
Year (2006) 2 of 2
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-01 Utilities

Northbrook, Illinois, United States

Utilities, Inc. is a provider of high-quality water and wastewater services to more than 300,000 customers throughout the United States. We offer our services to homes, businesses, new developments, commercial enterprises, and any project—large or small—requiring innovative new water and wastewater systems, system upgrade solutions, or expert water and wastewater system management.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-26 Amports

Jacksonville, Florida, United States

Amports is a port owner and infrastructure provider of automotive-vehicle processing services in North America. Amports was founded in 1995 and is based in Jacksonville, Florida.

Buy -

Seller(S) 3

SELLER

ABS Capital Partners

Hunt Valley, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ABS Capital Partners is a private equity firm that invests in later-stage growth companies in the healthcare, technology, business services, media and communications sectors. ABS provides capital to help fund growth, provide shareholder liquidity, pursue acquisitions, or to effect a management buyout. The Firm prefers US based business and will consider both majority and minority positions. ABS looks to commit $10 to $30 million per transaction. ABS Capital was formed in 1990 and has offices in Baltimore, Maryland; Waltham, Massachusetts; and San Francisco, California.


DEAL STATS #
Overall 27 of 70
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 5 of 12
State (Florida) 4 of 7
Country (United States) 27 of 69
Year (2006) 3 of 5
Size (of disclosed) 3 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-10 Brandywine Senior Care

Mount Laurel, New Jersey, United States

Based in Mount Laurel, New Jersey, Brandywine Senior Living is an owner and operator of senior housing residences in New York, New Jersey, Pennsylvania, Connecticut and Delaware with approximately 1,400 active beds. In June 2006, Warburg Pincus completed the acquisition of Brandywine in partnership with the company's existing management team, led by CEO Brenda Bacon. Brandywine expects to grow through the acquisition, development and management of additional senior housing facilities in the Northeast and mid-Atlantic regions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-24 Print

Bellevue, Washington, United States

Print, Inc. a growing component of the print management market that provides bundled offerings of printer supplies, service and equipment to manage document production.

Sell $47M
SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


DEAL STATS #
Overall 1 of 58
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 1 of 26
State (Florida) 1 of 3
Country (United States) 1 of 58
Year (2006) 1 of 1
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Thompson Industrial Services

Sumter, South Carolina, United States

Thompson Industrial Services is a provider of comprehensive industrial cleaning services to a wide array of industrial market segments including pulp and paper, utilities, petrochemical and refining, steel, nuclear, rubber and tire, food processing, chemical, automotive, paint, and resin. Thompson was formed in 1986 and is based in Sumter, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Service Center Metals

Prince George, Virginia, United States

Service Center Metals, Inc. is a manufacturer of aluminum tubes, pipes, rods, bars, and custom profiles for services center customers. SCM was formed in 2002 and is based in Prince George, Virginia.

Buy -
SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 3 of 39
Sector (Environmental) 2 of 3
Type (Secondary Buyout) 1 of 24
State (Florida) 1 of 2
Country (United States) 3 of 38
Year (2006) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-14 The F.B. Leopold

Zelienople, Pennsylvania, United States

The F.B. Leopold Co. is a provider of proprietary water filtration products for public water systems in the United States and internationally. The company engineers-to-order, markets and manufactures key components for large public works projects.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-02 Hilco Vision

Mansfield, Massachusetts, United States

Hilco Vision is a distributor of branded and consumable professional eyecare products and optical accessories throughout the eye healthcare supply chain. Hilco Vision has a highly diverse suite of branded and non-branded optical products and accessories, offering more than 30,000 SKUs and an expansive distribution network, uniquely allowing the Company to serve both optical chains and independent optical locations alike as a "one-stop-shop." Hilco Vision was founded in 1956 and is based in Mansfield, Massachusetts.

Buy -