Permira is buying BakerCorp, a provider of equipment rental services for liquid and solid containment applications. The deal, which is expected to close by July, is valued at $960 million. The seller is Lightyear Capital. Morgan Stanley and Deutsche Bank advised Permira. Goldman Sachs advised BakerCorp.
A company backed by the Permira funds announced today that it will
acquire BakerCorp, the leading provider of equipment rental solutions for liquid and solid containment
applications in North America for $960 million. The acquisition is subject to customary regulatory
approvals and is expected to close by July 2011.
BakerCorp, founded in 1942, is the industry leader in containment, pump, filtration and trench shoring
solutions. With over 100 locations in North America and Europe, BakerCorp offers integrated solutions
to its customers in attractive end markets including industrial services, refining, oil and gas,
environmental remediation, power, municipal and construction. BakerCorp’s fast-growing European
operations serve customers from five locations in Germany, France and the Netherlands.
The Permira funds will back the current management team as they accelerate the growth of BakerCorp
both in the U.S. and internationally. Building on its track record of expanding product capabilities to
serve the complex needs of its customers, BakerCorp will focus on extending its product and service
offering through its existing branch network and in new locations. BakerCorp plans to continue its
expansion into new geographic regions in North America, Europe and other attractive international
Richard Carey, Partner and co-Head of the Global Industrials Group at Permira, commented:
“BakerCorp exemplifies the type of business in which the Permira funds seek to invest – a strong
market leader with a unique customer value proposition and numerous growth opportunities. We are
delighted to be partnering with BakerCorp as the Company seeks to accelerate its growth and
international expansion plans.”
Bryan Livingston, chief executive officer of BakerCorp, commented:
“We are excited to be working with the Permira funds, which have a demonstrated track record of
building long-term value for portfolio companies throughout the world. We believe that the Permira
funds’ experience and global capabilities make them an ideal partner for BakerCorp to take advantage
of the significant opportunities for the Company both domestically and abroad.”
Permira has a successful track record of investing in a variety of industrial companies, such as Aearo
Technologies, Jet Aviation and Cognis, and working in partnership with management to build market
leading businesses globally.
The Permira funds were advised by Morgan Stanley & Co. Incorporated and Deutsche Bank Securities
Inc. on the transaction.