Birch Hill-backed Shred-it to Be Acquired by Stericycle for $2.3B
July 17, 2015
Stericycle (NASDAQ: SRCL) has agreed to acquire Shred-it, a portfolio company of Birch Hill Equity Partners, for $2.3 billion in cash. The deal is expected to close in 4Q, whereupon Shred-it will become a wholly owned subsidiary of Stericycle; BofA Merrill Lynch and Goldman Sachs have committed to provide financing. Founded in 1988, Shred-it provides information destruction services to over 400,000 customers in 15 countries; the company's pro forma revenue was $726 million for the 12-month period ending March 2015. Birch Hill merged Shred-it with the information destruction business of Cintas (NASDAQ: CTAS) in April 2014.