Shred-it International Inc has completed its merger with U.S.-based Cintas Corp‘s document destruction business. The combined company, which will operate under the Shred-it brand, will be 58% owned by existing investors in Shred-it, which include Canadian mid-market private equity firms Birch Hill Equity Partners, Manulife Capital and Westerkirk Capital. Cintas will own 42%. The company will be headquartered in Oakville, Ontario, and have its U.S. head office in Cincinnati, Ohio. Going forward, Shred-it is expected to have revenues in excess of US$600 million, and operate in more than 140 markets in 18 countries. Birch Hill and an investor group acquired the company in June 2009. Financial terms of the Cintas deal were not disclosed.
PRESS RELEASE
Shred-it Combines with Cintas’ Document Shredding Business
Toronto; May 1, 2014 – Shred-it International Inc. (“Shred-it”) announced today the completion of its previously announced transaction to combine with Cintas Corporation’s (“Cintas”) document destruction business. The combined company will, over time, operate under the Shred-it brand and be 58% owned by the existing shareholders of Shred-it, and 42% owned by Cintas. With this deal, Shred-it is now the world’s largest secure information destruction company with a fleet of over 2,000 trucks, operating in over 140 markets throughout 18 countries, employing 5,000 dedicated Partners, and serving 300,000+ clients.
“Shred-it became the company it is today by making security and customer service our top priorities in meeting our customers’ information destruction needs,” said Vince De Palma, President and CEO of the combined company. “This combination only strengthens our ability to deliver the quality service that our respective customers have grown to expect.”
The company will be headquartered in Oakville, Ontario and maintain a U.S. head office in Cincinnati, Ohio. Karen Carnahan, currently the President of Cintas’ document destruction division, will become Chief Operating Officer. Other key leaders from both Shred-it and Cintas will form the management team of the new organization.
“As we integrate over the months ahead, it will become clear to everyone that the two organizations complement each other quite well,” added De Palma. “The combined strengths of our organizations, guided by an experienced management team positions us well for the future. It’s a very exciting time for the new Shred-it.”
About Shred-it
Shred-it is a world-leading information security company providing information destruction services that ensure the security and integrity of our clients’ private information. The company operates in 140 markets throughout 18 countries worldwide, servicing more than 300,000 global, national and local businesses.
About Cintas
Headquartered in Cincinnati, Cintas Corporation provides highly specialized services to businesses of all types primarily throughout North America. Cintas designs, manufactures and implements corporate identity uniform programs, and provides entrance mats, restroom supplies, first aid, safety, fire protection products and services and document management services for over one million businesses. Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of the Standard & Poor’s 500 Index.
For more information:
Katarina Kristanic
Senior Manager, PR & Communications Shred-it
T: 905-491-2250
E: katarina.kristanic@shredit.com
Hillary Marshall
NATIONAL Public Relations
T: 416-848-1451
M: 416-571-4884
E: hmarshall@national.ca
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