Dive Brief:
- Ponte Vedra, FL-based Advanced Disposal Services released the terms for its IPO, which includes raising $450 million through 21.4 million shares (58% insider) at $20-$22 each. According to Renaissance Capital, the company would command a fully diluted market value of $1.5 billion.
- Advanced Disposal generated $1.4 billion in sales for a 12-month period that ended Sept 30 of last year. The company will list on the New York Stock Exchange under the symbol ADSW, likely next week.
- Deutsche Bank, Credit Suisse, Barclays, BofA Merrill Lynch, Macquarie Capital, Morgan Stanley, and UBS Investment Bank are the transaction's joint bookrunners.
Dive Insight:
The 16-year-old company got off to a monumental start this year, acquiring Lecanto, FL-based FDS Disposal LLC in January, adding to its portfolio a hauling facility and healthy customer base.
The month prior, the company bought three operations, adding on front-end loading and roll-off commercial customers in Georgia's Bibb County (Webb Waste); commercial and residential customers in Georgia's Cherokee County (AC Sanitation); and a hauling facility, transfer station, and customers in Indiana's Allen County (Earth First).
With those last three deals in 2015, Advanced Disposal made a total of 13 purchases that year. Now the company will likely continue to jet ahead with funding from its IPO.
