Wastequip Acquired by VC Firm

Odyssey Investment Partners LLC is acquiring Wastequip Inc. for an undisclosed amount. DLJ Merchant Banking Partners previously owned the equipment manufacturer.

Headquartered in Cleveland, Wastequip designs, manufactures and markets a range of equipment for the collection, processing and transporting of waste and recyclables. The company manufactures more than 200 different products that are used in factories, residential complexes, retail chains, and construction and demolition sites.

Wastequip's senior management team will remain with the company. The staff will include President and CEO Robert Rasmussen; Gregory Podell, COO; and Richard Garcia, CFO.

Doug Hitchner, a managing principal of Odyssey Investment Partners, said: "Wastequip is an exceptional platform to capitalize on favorable trends in the waste equipment industry. Importantly, the company is the only national supplier in the highly fragmented waste collection equipment sector and it manufactures a wide range of high-quality products. Wastequip has longstanding relationships with a diverse client base, and builds considerable customer loyalty through the value-added service it provides. As a result of its operational excellence, Wastequip has grown profitably over the past several years. We look forward to working with the highly respected and experienced Wastequip management team to pursue a wide range of growth opportunities, including internal initiatives and further strategic acquisitions."

Completion of the transaction is expected to occur in the first quarter of 2007.