EQT Infrastructure II closes acquisition of Synagro Technologies
EQT Infrastructure II has completed the acquisition of Synagro Technologies and Synagro completed its refinancing under a comprehensive Plan of Reorganization approved by the Court with the full support of Synagro's creditors via the Chapter 11 process. Through working constructively with its creditors and backed by EQT Infrastructure II, Synagro's balance sheet has been completely restructured, including an approximate $200 million reduction in outstanding debt. The new capital structure leaves Synagro with ample operational flexibility to execute on attractive growth opportunities.
Eric Zimmer, Synagro's President and CEO said:
"The new balance sheet and support from EQT's Industrial Network will enable Synagro to capitalize on a variety of significant market opportunities. We are excited to have the full support of EQT as we work to execute our plan to continue and accelerate our strategic growth and increase the valuable solutions we deliver for our existing and new customers across the country."
Execution of the new growth plans is already underway. This week Synagro announced the construction of a new bio-recycling center in Charlotte County, Florida. The state-of-the-art facility, which will go commercial in early 2014, will safely and efficiently provide for the recycling of up to 50,000 wet tons of biosolids using energy efficient technologies that convert the material to a valuable nutrient rich product. The facility will be capable of producing up to 75,000 cubic yards of Class AA compost for use in the local agriculture and landscaping market, creating a sustainable closed-loop process that returns the organic nutrients back to the soil.
Glen T. Matsumoto, Partner at EQT Partners, investment advisor to EQT Infrastructure II, said:
"High quality treatment and recycling of biosolids protects human health and the environment and Synagro is the U.S. market leader. We believe there are abundant opportunities to help Synagro grow its core business by finding additional ways to serve its customers and grow further into new U.S. markets. We look forward to working with Synagro's management to build an exciting future for the Company."
EQT Infrastructure II was advised by the law firm of Weil Gotshal & Manges and financial advisor RBC Capital Markets.
Source: EQT
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