Stericycle acquires Shred-it for US$2.3B

On October 1, 2015, Stericycle, Inc. completed its US$2.3 billion acquisition of Shred-it International, the global leader in secure information destruction services. 

The transaction was financed by Stericycle through a combination of senior unsecured debt consisting of a term loan credit facility, private placement notes and a public offering of mandatory convertible preferred stock represented by depositary shares. The term loan credit facility was provided by Bank of America Merrill Lynch, Goldman Sachs & Co, JPMorgan Chase, HSBC and other lenders. The mandatory convertible preferred stock offering was underwritten by Bank of America Merrill Lynch, Goldman, Sachs & Co, and J.P. Morgan. 

Shred-it was represented in-house by Brenda Frank, by Stikeman Elliott LLP with a team led by Ron Ferguson and including Mike Devereux, Evan Marcus, Brandon Hoffman, Bessie Qu and Peter Stransman (M&A), Craig Mitchell and Melissa John (banking) and Shawn Neylan (regulatory), and by Paul, Weiss, Rifkind, Wharton & Garrison on US matters with a team that included Matthew Abbott, Adam Givertz, Didier Malaquin, Marta Kelly and Ian Hazlett (M&A), Scott Sontag and Alyssa Wolpin (tax), and Lawrence Witdorchic and Nicole Tark (employee benefits).

Cintas Corporation, a shareholder of Shred-it, was represented by Keating Muething & Klekamp PLL with a team that included Brock Denton, Jonathan Hiltz and Allison Westfall. 

Stericyle was represented in-house by John Schetz and John Argiris, by Sidley Austin LLP with a team that included Michael Gordon, Scott Freeman, Christopher Restad and Christina Sindoni (M&A), Ram Burshtine, Annie Wallis and Zachary Goldstein (banking), Robert Mandell and Geeta Dhingra (capital markets), and Laura Barzilai and Noam Waltuch (tax), and by Davies Ward Phillips & Vineberg LLP on Canadian matters with a team that included Vincent Mercier, Peter Hong and David Kim (M&A), Anita Banicevic (regulatory), and Raj Juneja, Kim Brown and Andrew Ellis (tax).