Wingate Partners Assisted by Haynes and Boone in Sale of Industrial Container Services
DALLAS – A team of Haynes and Boone, LLP attorneys advised Dallas-based private equity client Wingate Partners in the just-announced sale of Industrial Container Services (ICS), the U.S. leader in the reconditioning, recycling and distribution of 55-gallon steel drums for use in food, industrial and energy markets.
The purchaser of ICS is Aurora Capital Group, a Los Angeles-based private equity concern.
Dallas Partner Tom D. Harris and Dallas associates Tom L. Tippetts and Mark J. Robinson, Jr. handled the mergers and acquisitions issues. They were assisted by Jeff Civins (environmental), Kenneth K. Bezozo (tax), Susan A. Wetzel (ERISA), Jennifer Wisinski (Hart-Scott-Rodino), Paul Amiel (finance), Randall E. Colson (intellectual property), Erika L. Blomquist (insurance) and Laura E. O’Donnell (labor and employment).
Wingate acquired ICS in 2005 and, over the next six years, ICS made seven add-on acquisitions, expanded its geographic footprint and significantly increased its share of the U.S. reconditioned drum market. Throughout that period, ICS nearly doubled revenue and more than tripled EBITDA.
“ICS represents the ideal type of industrial services investment for Wingate,” said Bud Applebaum, principal at Wingate Partners. “Prior to our investment, ICS had been a relatively slow growth business in a low growth industry. However, ICS has consistently provided a highly valuable service to its customers and the ICS team has done a terrific job of executing on opportunities to make the business grow more rapidly and become more profitable.”
In connection with the transaction, a Piper Jaffray team led by Michael Dillahunt provided financial advice to Wingate and ICS.
About Wingate Partners
Wingate Partners (www.wingatepartners.com) was founded in 1987 to purchase controlling equity interests in companies where there is the opportunity to create value through superior operational and strategic execution. Typically, Wingate’s investments fall into two primary categories: profitable companies in changing or out of favor industries and under-performing companies. In both cases, equity value is created by improving the operating performance of the business and by developing long-term strategies to exploit changing industry dynamics. Our professionals bring substantial senior-level operating and strategic experience in addition to extensive careers in acquiring companies.
Industrial Container Services (www.iconserv.com) is the largest provider of reusable container solutions in the United States. ICS strives to be the supplier that customers call first for high quality, environmentally responsible products and services at the best possible value. The Company offers unparalleled expertise with over 100 years experience in the industrial container industry. ICS is focused on anticipating customer needs and exceeding expectations. The Company offers the most complete container management system available including supply, reconditioning and retrieval.