Company recapitalizes balance sheet, appoints new CEO.
Wastequip LLC, based in Charlotte, N.C., has announced the recapitalization of its balance sheet, eliminating around $550 million in debt, reducing its annual interest expense by more than 80 percent and obtaining a new $40 million revolving credit facility. The company is now majority owned by affiliates of the private equity firm Centerbridge Partners LP.
In connection with this recapitalization, John Scott, president and CEO of Wastequip, has retired.
“We successfully completed our recapitalization thanks to the hard work of our employees as well as the support from our vendors, customers, lenders and shareholders,” says Scott. “Wastequip has emerged from the recapitalization with a strong balance sheet; the company is on a trajectory of growth, and I am proud of everything that we have accomplished.”
Martin Bryant has been appointed to succeed Scott as CEO. Bryant previously served as a senior executive of Dana Corp. from 2008 to 2011, most recently as president of its Light Vehicle Products division.
“We commend John and the team for leading the company through a complex recapitalization,” says Kyle Cruz, a managing director at Centerbridge. “Now, with the transaction complete, Wastequip is poised for growth. We are excited to partner with Marty Bryant and Wastequip management to further strengthen the Company’s leading market position.”
Bryant says, “I am excited to be joining Wastequip as we begin this new chapter together. We are committed to building long-term value for our customers, employees, communities and shareholders.”