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EQT to complete Synagro buyout after judge approves restructuring plan

21 Aug 2013

recycle recycling waste green environment energyNordic private equity firm EQT is set to complete the acquisition of recycling specialist Synagro Technologies after its restructuring plan was approved by a bankruptcy judge.

Under the terms of the deal, EQT will provide $465m in cash to the company’s creditors, which its lawyer said “widely accepted the plan”, according to Bloomberg.

The restructuring plan will take effect on August 22.

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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