ICSH Parent, the parent company of Industrial Container Services, has been acquired by funds advised by private investment firm Centerbridge Partners, from affiliates of Aurora Capital Group.
With 49 facilities across the US and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually.
It is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally.
"We are excited to partner with Centerbridge," says Charles Veniez, chief executive officer and president of ICS. "Going forward, ICS is well positioned to continue to provide its customers with industry-leading service and consistent product quality, as we broaden our network of facilities and expand our offering, all while remaining committed to environmental stewardship and safety. We are proud to serve as a one-stop shop for our blue-chip customers across a variety of end-markets."
Kyle Cruz, senior managing director of Centerbridge, adds: "ICS is a market leader in the North American industrial container reconditioning services industry and provides a differentiated value proposition to its customers. We believe this differentiation is a foundation for further growth. We are excited to partner with Charles, his senior management team and the 1,700 employees of ICS to support the company in the years ahead."
"It has been exciting for Aurora to be a part of ICS' growth and expansion over the last six years," says Mark Rosenbaum, a partner at Aurora. "We appreciate the partnership with the entire ICS team. We wish the company and its new owners continued success."
Debt financing for the transaction was led by Goldman Sachs Bank USA and Ares Management, together with Deutsche Bank, Credit Suisse and Jefferies. Piper Jaffray acted as exclusive financial adviser to ICS, and Credit Suisse acted as buy-side financial adviser to Centerbridge. Gibson, Dunn & Crutcher acted as legal adviser to ICS, and Kirkland & Ellis acted as legal adviser to Centerbridge.