Stericycle completes Shred-it International acquisition

LAKE FOREST - Stericycle Inc. said it has completed its $2.3 billion acquisition of Shred-it International, the global secure information destruction service company.

The acquisition will strengthen Stericycle's growth opportunities by providing additional business-to-business compliance solutions, leveraging Stericycle's existing core capabilities, and expanding the company's global reach.

Stericycle announced July 15 it would acquire Shred-it from Birch Hill Equity Partners, Cintas Corp. and other equity holders, subject to receipt of certain regulatory approvals and satisfaction of other customary closing conditions.

Shred-it will become a wholly-owned subsidiary of Stericycle.

"The addition of secure information destruction services is an excellent complement to Stericycle's existing line of solutions which protect people and brands, promote health, and safeguard the environment," said Charlie Alutto, President and CEO of Stericycle. "The acquisition of Shred-it represents an extremely attractive opportunity to drive additional growth of Shred-it and Stericycle by collectively leveraging the broad suite of business-to-business services that we provide to nearly one million customer locations around the globe."

Shred-it provides secure information destruction services to over 400,000 customer locations in 15 countries. Shred-it's pro forma revenue for the 12-month period ending March 2015 was $726 million.

The $2.3 billion transaction was financed through a combination of senior unsecured debt consisting of a term loan credit facility, private placement notes, and a public offering of Mandatory Convertible Preferred Stock represented by depositary shares.