Allens has advised global private equity sponsor Livingbridge on its acquisition of the Waste Services Group from The Riverside Company, The Silverfern Group and other shareholders.
The Waste Services Group provides waste collection, procurement and management services across Australia.
This acquisition is Livingbridge's fifth major investment in Australia, and follows less than six months after Livingbridge's acquisition of Australia-headquartered global teleradiology provider, Everlight Radiology, from Intermediate Capital Group.
PE partners Emin Altiparmak and Mark Malinas led the transaction for Allens, with leveraged finance partner David Couper leading the debt financing work.
PE Partner and Funds sector leader Emin Altiparmak said, 'The underlying need by businesses for waste services continues to drive private capital interest in this sector, and investors are savvy to recognise that ESG considerations present an opportunity to deliver additional value. We're proud to be working alongside Livingbridge again on this latest investment.'
Co-Head of PE, Mark Malinas said, '2021 has been a record-breaking year for M&A in this market. We see continued opportunities for financial sponsors in 2022, particularly with likely low cost of capital enduring this year. Competition for quality assets will remain fierce and sponsors will need to be on their game to outmanoeuvre corporate buyers as they chase growth themselves.'
Leveraged finance Partner David Couper said, 'We are delighted to have advised Livingbridge on the debt financing of this transaction. Liquidity in the Australian leveraged loan market continues to deepen and competition for robust credit opportunities – like Waste Services Group – remains intense. We see that continuing to fuel investment activity by financial sponsors in 2022.'
The Partners congratulate the Livingbridge team on the acquisition of WSG and achieving a bumper year of growth in their Australian portfolio in 2021.
Allens legal team
M&A
Emin Altiparmak (Partner), Mark Malinas (Partner), Greg Lawson (Senior Associate), Andrew Lee (Associate), Ben Toscano (Associate)
Leveraged finance
David Couper (Partner), Sarah Denton (Senior Overseas Practitioner), Jason Bath (Lawyer)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.