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).


Ron Ferguson Vincent A. Mercier Mike Devereux Craig Mitchell Shawn C.D. Neylan Peter S. Hong Anita Banicevic Raj Juneja Kimberly Brown


Stikeman Elliott LLP Davies Ward Phillips & Vineberg LLP