Star Atlantic Waste Holdings plans purchase of Veolia ES Solid Waste
Star Atlantic Waste Holdings II, L.P., a Highstar Capital portfolio company, disclosed that it has reached an agreement to purchase Veolia ES Solid Waste, Inc. from Veolia Environmental Services North America Corp. Star Atlantic will combine its existing investments in Advanced Disposal Services, Inc. and Interstate Waste Services, Inc. with the acquired Veolia operations. The combined business, which will operate as Advanced Disposal Services, will be the largest privately owned environmental services business in the United States. It will have operations in 20 states and have annual revenues of approximately $1.4 billion, a fleet of over 3,000 trucks, 47 landfills, 92 transfer stations and 5,450 employees.
The transaction is subject to customary regulatory approvals and is expected to close this fall.
Star Atlantic has obtained committed financing from Deutsche Bank Securities, Inc., Macquarie Capital, UBS Investment Bank and Barclays. Deutsche Bank Securities, Inc. acted as lead financial advisor to Highstar Capital and Star Atlantic. Macquarie Capital acted as co-advisor to Highstar Capital and Star Atlantic. Winston & Strawn LLP acted as legal advisor.