PE-backed Advance Disposal postpones IPO: Reuters

Waste collection company Advance Disposal Services Inc (ADSW.N), backed by Highstar Capital, has decided to delay a $471 million initial public offering that was scheduled to price on Wednesday, due to stock market volatility, people familiar with the matter said.

No new date for the IPO has yet been set, the sources said, asking not to be identified because the decision has not yet been publicly announced. Advanced Disposal did not immediately respond to a request for comment.

Advanced Disposal is the second big company to postpone its IPO this week. Airport restaurant operator OTG EXP Inc (OTG.O), which had been looking to raise as much as $585 million in its IPO, announced its decision to delay its offering on Tuesday. Only two smaller IPOs have launched so far in the U.S. in 2016 amid continued stock market gyrations.

Other U.S. companies whose IPO plans have been thwarted include Spanish-language broadcaster Univision Communications Inc, grocery retailer Albertsons Companies Inc and department store operator Neiman Marcus Group.

Advance Disposal is the fifth largest solid waste company in the U.S. and serves customers across 17 states and the Bahamas. It was acquired by private equity firm Highstar Capital in 2006. In 2012, Advance Disposal closed a transformative $1.9 billion acquisition of solid waste company Veolia ES Solid Waste.

(Reporting by Lauren Hirsch in New York; Editing by Alden Bentley and Chris Reese)

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