Stericycle acquires PSC Environmental
Stericycle Inc., a Lake Forest-based provider of regulated waste disposal services, said Tuesday it has acquired PSC Environmental Services LLC in a deal worth $275 million.
The deal breaks down to a $245 million payment in cash and the remaining $30 million covered in a two-year loan. A portion of the cash was applied to pay off PSC Environmental's debt, the company said in a release.
PSC Environmental, a Houston-based portfolio company of Lindsay Goldberg LLC, provides environmental and regulated waste management services. Stericycle said the acquisition will strengthen and enhance its offerings to customers in the health care, retail and other industries. PSC Environmental became a wholly-owned subsidiary of Stericycle upon closing.
The acquisition is expected to add approximately $240 million to Stericycle's annualized revenues.
PSC Industrial Services, also owned by Lindsay Goldberg, was not part of the transaction and will continue to operate as part of PSC Holdings.
"By combining PSC Environmental with our regulated waste management solutions, we are providing the marketplace with a broader portfolio of services supported by an enhanced operational infrastructure," said Charlie Alutto, President and CEO of Stericycle. "This acquisition is part of our ongoing effort to help companies protect their brands and safeguard the environment, and we look forward to further refining our offerings."