Investment firm to buy WCA Waste for $ 526 million
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Dec. 21 — Another blockbuster deal is in the works for the U.S. trash industry as WCA Waste Corp. is being acquired by investment firm Macquarie Infrastructure Partners II.

Macquarie will acquire all of WCA Waste´s outstanding shares for $ 6.50 and redeem all Series A preferred stock in a deal valued at about $ 526 million, the Houston-based said in an announcement that came just after today’s closing bell on Wall Street.

Macquarie is paying a 30% premium over WCA Waste´s closing price on Dec. 20, the Houston-based company said.

“We are excited about the company that we have built to date and are pleased to be partnering with MIP II as we enter into our next phase of growth,” CEO Tom J. Fatjo Jr. said in a statement. “Macquarie Group has a demonstrated track record in the waste management sector.”

Macquarie is a name that is familiar in solid waste circles as that firm took part in a 2007 deal, along with Goldman Sachs and management, to take Waste Industries USA Inc. private in a $ 544 million deal at that time.

“The acquisition of WCA represents an attractive opportunity,” said Christopher Leslie, CEO of Macquarie Infrastructure Partners II. “This acquisition will leverage our existing industry knowledge and help us to expand and diversify MIP II’s North American portfolio.”

WCA Waste’s board already has approved the deal, which is expected to close during the first quarter of 2012. WCA Waste shareholders still will have to approve the transaction.

WCA Waste has 25 landfills, 29 transfer stations and 29 collection operations in 14 states. The company has about 450,000 customers.

The company was ranking 18th in the Waste & Recycling News list of the Top 100 hauling and disposal companies with 1,100 employees, 700 hauling trucks and a reported 2010 hauling revenue of $ 230 million.

News of WCA Waste’s sale comes not long after a decision by Veolia ES Solid Waste Inc.’s parent company to put that operation up for sale.

Contact Waste & Recycling News senior reporter Jim Johnson at jpjohnson@crain.com or 937-964-1289.


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