Wastequip eliminates $550 million in debt
Jun 18, 2012 2:48 PM
Wastequip, LLC has completed the recapitalization of its balance sheet, resulting in the elimination over $550 million of debt, slashing annual interest expense by more than 80%, and obtained a new $40 million revolving credit facility.
The company, whose products include Galbreath and Accurate truck and trailer roll-off hoists, Mountain Tarp and Pioneer tarp systems, Cusco mobile vacuum equipment, and Parts Place (specializing in parts for refuse equipment) is now majority owned by affiliates of Centerbridge Partners, L.P. (“Centerbridge”).
In connection with the completion of the recapitalization, John Scott, president and chief executive officer, announced his retirement from Wastequip. The company has appointed Marty Bryant to succeed Scott as chief executive officer. Bryant has served as a senior executive of Dana Corporation from 2008 to 2011, most recently as president of the Light Vehicle Products Division.
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