Waste Pro USA Inc. has completed a $579 million recapitalization of the waste and recycling company.
The new credit facility for the Longwood, Fla.-based company is all debt, which included an asset base loan revolving line of credit led by Wells Fargo Capital Finance, a division of Wells Fargo Bank, N.A., said Cort Sabina, Waste Pro chief financial officer and vice president, in a news release.
The deal also completes the terms of Waste Pro’s five-year, $100 million investment by Atlanta-based Roark Capital Partners. That deal, in which Roark owned 8 percent of Waste Pro’s preferred shares, ended Sept. 30.
“We executed a business transaction that creates the platform to launch our next decade of growth,” said John Jennings, Waste Pro chairman and CEO. “We are excited and very proud of our financial performance and the delivery of premium service to more than two million public and private customers.”
The 11-year-old firm said private ownership is a competitive advantage and gives the company the ability makes to expand operations and sustain consistent financial growth in a strategic manner.
“It is important to Wells Fargo that we provide our customers with the financial flexibility and services to meet their business needs,” said Regional Sales Manager Howard Kim. Stifel Nicolaus & Co. Inc. served as financial advisor and placement agent to Waste Pro.
Waste Pro had 2013 revenues of $510 million in its eight-state Southeastern United States regional service area. The company serves more than 2 million residential and commercial customers from more than 75 operating locations.