HSF advises The Carlyle Group Inc. on acquisition of Waste Services Group

Herbert Smith Freehills (HSF) has advised The Carlyle Group Inc. (Carlyle) on its acquisition of Waste Services Group (WSG) from private equity firm Livingbridge via a competitive auction process.

WSG is a waste services business operating in the commercial and industrial segment of the Australian waste sector. Since its inception in 2016, WSG has grown to now serve over 10,000 customers and employ over 600 people.

The transaction was complex, with a bespoke acquisition, financing and co-ownership structure. Livingbridge will retain a significant minority stake in WSG.

HSF partners Baden Furphy and Tom Hoare, senior associate Taseen Rafi, and solicitors James Webb and Zoe Feldman advised on the corporate aspects of the transaction.

HSF partner Hayley Neilson, senior associate Kelvin Choy, and solicitor Matthew Bramich advised on the debt financing aspects of the transaction.

HSF partner Heidi Asten, executive counsel Julia Orbach, and senior associate Paige Mortimer advised on the environmental & planning and real estate aspects of the transaction. 

Hayley Neilson said, “It was a privilege to support the Carlyle team on this complex transaction. We are pleased to have been their trusted adviser and look forward to supporting Carlyle and the WSG management team as they move forward with their strategy and drive the next phase of growth for the asset.”

Tom Hoare said, “We are thankful for Carlyle instructing us on this significant and complex transaction. We enjoyed working with Carlyle’s global team across Sydney, the US, London and Hong Kong.”

This deal is the latest example of HSF’s market-leading work in private equity. Other recent examples include the firm advising:

• Adamantem Capital on its acquisition of Mason Stevens by way of scheme of arrangement.
• Pacific Equity Partners on its acquisition of Serenitas.
• Madison Dearborn Partners’ and HPS Investment Partners’ portfolio company, The Ardonagh Group, on its acquisition of PSC Insurance Group Limited by way of a scheme of arrangement and subsequent corporate carve out of the Australian and global operations.
• EQT and its portfolio company, Icon Group, on its acquisition of the Pharmaxo Group.
• Quadrant on its investment in Canva.
• Quadrant on its acquisition of Birch & Waite.
• Quadrant on its acquisition of majority stake in Evolution Medical Group.
• Quadrant on its co-investment with Madison Dearborn for the acquisition of APM Human Services by way of scheme of arrangement.
• Mercury Capital on its acquisition of Fyfe.
• Mercury Capital on its acquisition of JMC Academy.
• Advent Partners on its strategic investment in MySite.