Three Wall Street names — Fortress Investment Group, Ares Management and Platinum Equity — are among the firms poised to absorb complete write-offs after a leveraged buyout of a portable-toilet business collapsed, according to a report by Bloomberg.
The firms are set to lose a total $1.4bn on United Site Services Inc, after investing in a single-asset continuation vehicle led by Platinum, which had valued the business at $4bn.
USS had experienced an out-of-court restructuring in 2024, which failed to improve its finances. The business’s post-pandemic recovery has been hampered by high interest rates, affecting its own operations and clients in the construction industry.
Platinum is close to turning the company over to lenders, which include Clearlake Capital and Searchlight Capital Partners.
