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EQT completes Synagro Technologies buyout

23 Aug 2013

recycle recycling waste green environment energyNordic private equity firm EQT has completed the acquisition of recycling specialist Synagro Technologies a few days after its restructuring plan was approved by a bankruptcy judge.

The firm said the company’s balance sheet has been completely restructured and its outstanding debts have been reduced by $200m. It added that the new structure leaves the business with “ample operational flexibility to execute on attractive growth opportunities.”

Earlier this week, Synagro announced the construction of a new bio-recycling center in Florida, which will be of producing up to 75,000 cubic yards of Class AA compost for use in the local agriculture and landscaping market.

EQT partner Glen Matsumoto said, “High quality treatment and recycling of biosolids protects human health and the environment and Synagro is the US market leader.

“We believe there are abundant opportunities to help Synagro grow its core business by finding additional ways to serve its customers and grow further into new US markets. We look forward to working with Synagro’s management to build an exciting future for the company.

Synagro was acquired by private equity major Carlyle in 2007 in a $772m deal that included $310m of debt.

Like many other large buyout deals that strategy came undone following the global financial crash a year later and Synagro filed for Chapter 11 bankruptcy in April this year.

Earlier in 2013 Carlyle hired Evercore Partners to explore sale options for Synagro, which was the firm’s first infrastructure fund investment.

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