Saddle Point invests in Stericycle

Saddle Point Management LP has made an investment in Stericycle, a provider of medical waste disposal and compliance training solutions. No financial terms were disclosed. Proskauer advised Saddle Point on the transaction.

PRESS RELEASE

March 27, 2020 (New York)— International law firm Proskauer represented private investment firm Saddle Point Management, L.P. in its investment in Stericycle Inc., (Nasdaq: SRCL), a U.S. based business-to-business services company.

Stericycle today announced that its Board of Directors has agreed to nominate Jim Martell, former Chief Executive Officer of Express-1, the predecessor company to XPO Logistics, and James Welch, former Chief Executive Office of YRC Worldwide, as director nominees to stand for election to the Board at the Company’s 2020 Annual Meeting of Stockholders.

The director nominations follow ongoing discussions between Saddle Point and Stericycle. In connection with the agreement to nominate Mr. Martell and Mr. Welch as directors, Stericycle and Saddle Point have entered into a settlement agreement, including customary standstill and related provisions.

The Proskauer team included partner and co-head of Mergers and Acquisitions Daniel Ganitsky (Mergers & Acquisitions) and Corporate associates Louis Rambo and Nicholas Pellegrino.

Proskauer’s M&A practice stands alone among its peers in the legal industry, with an unmatched combination of deep sector knowledge and transactional strength. We are consistently recognized as among the best by leading business and legal publications, including Chambers and The Legal 500. With a transactional presence in the United States, Europe, Asia and Latin America, we have a deep understanding of the structuring, cultural and procedural issues that are often at the center of complex cross-border transactions. We provide strategic, disciplined and commercial advice geared towards achieving our clients’ goals in an efficient and practical manner.