Date: May 2, 2006
Source: PR Newswire
Evercore Capital Partners (ECP), the private equity investing arm of Evercore Partners, a boutique financial advisory and investment firm, today announced that it has acquired a majority ownership interest in Mr. Bult's, Inc. ("MBI"). MBI, headquartered outside of Chicago, is the largest provider in the U.S. of solid waste transportation services in the outsourced, long-haul market. Financial terms were not disclosed.
MBI's founder, James (Jim) Bult, has retained a minority stake in the Company and will remain its Chief Executive Officer. Tony Schmidt, MBI's General Manager who has been with the Company for more than 10 years, also will continue in his current position.
"We are attracted to MBI because of its leading position in a growing and fragmented sector characterized by a number of promising trends," said Neeraj Mital, Senior Managing Director of Evercore. "Jim and Tony have done an excellent job of building MBI into a profitable, customer-driven company that is poised for continued growth."
"We welcome ECP to the MBI family, and we're looking forward to working with them to build on the strong momentum we have generated and to take MBI to the next level," said Mr. Bult. "We pride ourselves on our high-quality customer service, driver dependability and service efficiency, and competitive pricing. These are the pillars of our business and ECP's added capital will help us drive MBI forward."
ECP believes MBI should benefit from a number of favorable trends in its sector. These include the steady growth in solid waste generation; the shift in disposal to fewer, larger landfills in more remote, rural areas; the need to transport solid waste over increasingly greater distances; the expectation that trucking will remain the preferred method of long-haul transportation; and the growing trend by waste companies and municipalities to outsource their long-haul equipment and transportation services needs to providers such as MBI.
About Mr. Bult's, Inc.
Mr. Bult's, Inc. ("MBI"), headquartered in Burnham, Illinois, was founded in the early 1980s and has grown rapidly since then to become the largest trucker in the U.S. of solid waste in the niche, long-haul market. MBI, which currently operates in 15 states, picks up waste from transfer stations (where local collection vehicles unload) and delivers it to landfills under long-term contracts with solid waste companies. In addition to providing outsourced long-hauling services, MBI operates waste transfer stations, providing equipment and staffing for unloading collection vehicles and loading long-haul vehicles. Through a specialized, in-house maintenance infrastructure, MBI conducts its own equipment maintenance and repair work, ensuring best-in-class quality and cost effectiveness.
About Evercore Partners Inc.
Evercore Partners Inc. is a boutique financial advisory and investment firm. Evercore's advisory business counsels its corporate clients on mergers, acquisitions, divestitures, restructurings and other strategic transactions. Evercore Capital Partners seeks to make value-oriented private equity investments in middle-market businesses. To date it has invested over $1.4 billion of capital in 20 companies. Evercore's additional investing businesses include Evercore Ventures which makes early-stage venture capital investments and a newly-created public equity asset management business, Evercore Asset Management. Evercore serves a diverse set of clients around the world from its offices in New York, Los Angeles and San Francisco. For more information on Evercore, please visit www.evercore.com.
More information: www.evercore.com.
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