H.I.G. Capital acquires Wastequip
Charlotte, North Carolina-based Wastequip, a leading North American manufacturer of waste equipment, announced in early February that it had signed a definitive agreement to be acquired by H.I.G. Capital LLC, a leading global private equity investment firm based in Miami. The deal closed in late March. Centerbridge Partners LP, New York, had owned Wastequip since 2012.
Wastequip’s brands include Wastequip, Toter, Galbreath, Pioneer, Mountain Tarp, Cusco, Go To Parts and Accurate. The company’s product selection includes dumpsters, compactors, balers, carts and other products to collect household, commercial and industrial waste
Kyle Cruz, senior managing director at Centerbridge, says, “Over the past five years, we partnered with Marty and his team to improve the performance and competitiveness of the company. We are proud of their success and believe that Wastequip is well-positioned for the future.”
Bryant adds, “As we transition into this next stage of our company’s life, we couldn’t be more excited to partner with a firm like H.I.G. The resources and industry knowledge that H.I.G. brings will allow us to accelerate our growth plan. With this partnership, we are confident we will grow our already industry-leading position and, most importantly, continue to satisfy the needs of our customers.”
“We are very excited to partner with Marty and the rest of the Wastequip team,” says Tenno Tsai, managing director at H.I.G. “The company’s diverse product portfolio, customer base
Wastequip’s management team will continue to run the business, according to a news release issued by the company.
Barclays Capital Inc. and Credit Suisse Securities (USA) LLC provided committed financing for the transaction. Barclays acted as lead financial advisor, Moelis & Co. LLC acted as financial advisor and Milbank, Tweed, Hadley & McCloy LLP provided legal advice to Wastequip in the transaction. Houlihan Lokey acted as financial advisor and Ropes & Gray LLP provided legal advice to H.I.G.
Visit www.wastequip.com for more information.
General Kinematics introduces Barrier line
General Kinematics (GK), Crystal Lake, Illinois, has introduced Barrier, a vibratory equipment monitoring device. The Barrier line provides three levels of equipment processing—Apex, Vertex
GK says Barrier help companies better maintain their equipment and avoid downtime.
Apex is a portable device that can be placed on any vibratory equipment to track vibrations, strokes, frequencies
Vertex is capable of monitoring equipment 24/7, transmitting data to the user’s personal Barrier Portal.
Nomadx is an all-new segment of General Kinematics’ field service department dedicated to monitoring and analyzing equipment performance data, the company says.
“Our nomadic field service team will assist you with analyzing your data, monitoring your equipment and implementing maintenance to keep your equipment running smoothly around the clock,” General Kinematics says.
Visit www.generalkinematics.com for more information.
US Shredder and Castings Group partners with
U.S. Shredder and Castings Group, Miramar Beach, Florida, and
The companies are targeting foundries, machining companies and metal recyclers.
In 2017 Cometel opened a sales, engineering and parts office in Mexico to support the North American market.
The U.S. Shredder and Castings Group
Autocar, Hendrickson partner on axle and suspension system
Autocar, headquartered in Hagerstown, Indiana, and Hendrickson, headquartered in Itasca, Illinois, say they have partnered to offer a new severe-duty axle and suspension system engineered by Hendrickson for Autocar’s refuse trucks operating on the toughest routes.
Autocar’s ACX truck features the Hendrickson Steertek NXT front-steer axle and integrated suspension, which are designed to deliver maximum performance as a complete system solution, Hendrickson says. “The fabricated Steertek NXT design integrates lightweight axle durability with advanced spring suspension technology, saving 60 pounds compared to traditional I-beam axle and
“Autocar has a very different strategy from other OEMs (original equipment manufacturers) in the refuse business,” says Adam Burck, Autocar vice president of brand management. He adds that many OEMs use their own engines, transmissions, axles
Autocar’s partnership with Hendrickson is not new; the companies have been working together for more than 50 years.
Stephen Hampson, director of marketing and business development at Hendrickson, adds that refuse vehicles traditionally use an I-beam axle that can be “quite heavy.” Hendrickson’s Steertek NXT solution features box welded construction that is hollow inside, making it lighter than a forged I-beam design.
The company also is supplying Autocar with a suspension system.
The combination of the axle and suspension system allows Autocar to provide its users with a better ride and better handling, the partners say.
Wendt sells MTB Cable Box to Potomac Metals
Potomac Metals Inc., headquartered in Sterling, Virginia, has purchased an MTB Cable Box from Buffalo, New York-based Wendt Corp. Wendt indicates the purchase will allow Potomac Metals to upgrade its wire packages to clean copper and aluminum products, opening additional markets. The equipment will be installed and commissioned at Potomac Metals in the first quarter of this year and will run seven days per week in two eight-hour shifts per day.
Founded in 1997, Potomac Metals is a privately held independent scrap metal recycling company. Since opening its first 5,000-square-foot location with two employees, the company has grown to more than 150 employees and eight locations throughout Virginia, West Virginia and Maryland.
Potomac attended Wendt’s Demo Days in June 2017, which showcased the MTB Cable Box running four material types: shredder wire, No. 1 copper wire, aluminum cable and aluminum-copper radiators. The company is the third to attend the event to purchase the wire chopping system, Wendt says.
“We saw the MTB Cable Box in action at Wendt Demo Days, and the separation system is top of the line,” says Eric Zwilsky, vice president of Potomac Metals. “When we saw the system processing low grades and dirtier wire than we are looking to process, we knew it could easily get the job done.”
Potomac Metals plans initially to process high-grade No. 1 wire through the system and then expand into processing additional wire packages, including high-grade No. 2 wire, insulated aluminum, BX (flexible metal conduit) cables and URD (underground residential distribution) cables.
Potomac Metals’ MTB Cable Box will feature a BDR 1245 shredder, two BAT 800 granulators, air density tables, screens, magnetic separators and integrated electrical controls and dust collection system. The containerized, turnkey solution with two 40-foot, one 20-foot