Birch Hill's Shred-it International to be bought by Stericycle for $2.3 bln
Stericycle Inc (NASDAQ: SRCL), a U.S. waste disposal business, has agreed to buy Shred-it International Inc, a Canadian provider of secure information destruction services to more than 400,000 customers, for US$2.3 billion in cash. Stericycle said the deal is expected to add at least 10 percent to cash earnings per share by 2016, rising to the mid-to-high teens in 2018. Based in Oakville, Ontario, Shred-it has been a portfolio company of Canadian private equity firm Birch Hill Equity Partners and other investors since 2009. As reported by peHUB Canada, the company filed for an initial public offering in June, and recently priced it to raise about $600 million. With the acquisition's close, expected in Q4 2015, Shred-it's management team will join Stericycle, the company said.
