Imperial Capital Advises Shred-it on Its Recapitalization With Birch Hill Equity Partners and Westerkirk Capital
| Source: Imperial Capital
LOS ANGELES, CA--(Marketwire - June 12, 2009) - Imperial Capital announced today the
closing of the recapitalization of Shred-it International, Inc. ("Shred-it"
or "the Company"). Imperial Capital initiated the transaction and acted as
sole financial advisor to the Company. Birch Hill Equity Partners was the
lead equity sponsor along with Westerkirk Capital. National Bank of Canada
and Toronto Dominion Bank led the senior financing for the transaction.
Shred-it, based in Ontario, Canada, is the market leading provider of
on-site document destruction services and records retention information
management. The company was founded in 1988 by Greg Brophy, who built the
Company into one of the world's leading on-site document destruction
companies. Today, Shred-it services more than 150,000 clients on 5
continents from over 140 locations. The Brophy family continues to own a
significant stake in the Company and will remain on the Board of Directors
following the recapitalization.
"Imperial Capital was engaged by the Company due to their significant
relationships and experience with middle market companies and private
equity funds in successfully executing mergers & acquisitions, capital
markets, and restructuring transactions," said Tracey Brophy, owner of
Shred-it.
Dave Samuel, Senior Partner at Birch Hill Equity Partners, said, "We are
proud to be partners with the management team and the Brophy family at
Shred-it and support the company's continuing expansion."
Robert Warshauer, the Managing Director and Head of New York Corporate
Finance at Imperial Capital who initiated and led the transaction, added,
"We were pleased to have an opportunity to work with Shred-it and the
Brophy family in structuring an optimal transaction for all parties and
identifying great equity partners, Birch Hill Equity Partners and
Westerkirk Capital." John E. Mack III, Managing Director, and Co-Head of
Corporate Finance at Imperial Capital who also worked on the transaction
with Warshauer, stated, "This transaction showcased Imperial's ability to
lead work on complex mergers and acquisitions for larger middle market
companies with very positive outcomes for our clients."
Michael Amm from Torys in Toronto and Robert F. Kennedy from Jones Day in
New York represented the Company on the legal side.
About Imperial Capital, LLC
Imperial Capital, founded in 1997, is a full-service investment banking
firm with offices in Los Angeles, New York, and San Francisco. The firm
currently employs over 160 professionals and offers a wide range of
proprietary products and services to institutional investors, middle market
companies, and private equity firms. Imperial Capital's investment banking
group provides capital markets, M&A, and restructuring and recapitalization
advisory services to middle market companies and private equity firms.
Imperial Capital provides research and sales and trading of high yield and
distressed debt securities, bank debt, convertible bonds, preferred stocks,
and equities. More information about Imperial Capital and its investment
banking services can be found at www.imperialcapital.com.
About Birch Hill Equity Partners
With $1.7 billion in capital under management and 20 partner companies,
Birch Hill Equity Partners is the leader in long-term value creation in the
Canadian mid-market private equity business. Birch Hill Fund III closed in
August 2005 with over $850 million of committed capital from leading
Canadian, American, and European investors. The 21 member team at Birch
Hill Equity Partners has many years of experience working together as
active partners with top management teams in building long term value.
Since 1994 the team has invested $1.3 billion of capital in 42
transactions.
About Westerkirk Capital
At Westerkirk Capital, our goal is to build and own great businesses over
the long-term. Our focus lies on providing business owners with the capital
and expertise to facilitate a clear succession plan and to pursue growth
opportunities that reflect their values and aspirations. Because Westerkirk
manages private capital for a single Canadian Investor, we are not bound by
short-term return expectations. Instead, we are able to take a much longer
view of investment opportunities, and position ourselves to build and
maintain solid, profitable businesses. As such, we represent an alternative
to the traditional private equity market for entrepreneurial owners seeking
a long-term business partner.