Advanced Disposal Announces Investment by Canada Pension Plan Investment Board and Michael Koen Joining the Board of Directors
Ponte Vedra, Fla.
Advanced Disposal Services, Inc. , d/b/a Advanced Disposal, announced today that Canada Pension Plan Investment Board (CPPIB) has completed a $280 million investment in Series B Preferred Units of Star Atlantic Waste Holdings II, LP, which is an investment partnership sponsored by Highstar Capital and the principal owner of Advanced Disposal Services, Inc.
Proceeds were used to redeem an investor’s Series A partnership investment, and all remaining Series A Preferred Units were converted into Series B Preferred Units, which will result in lower preferred stock accrual expenses.
CPPIB’s investment will automatically be converted into common stock if Advanced Disposal Services, Inc. completes a qualified initial public offering. In addition, Michael Koen, Senior Principal, Relationship Investments of CPPIB has been appointed to the Board of Directors of Advanced Disposal Services, Inc.
Prior to joining CPPIB's Relationship Investments group in 2009, Mr. Koen was a vice president and director in TD Bank's merchant banking group where he focused on mezzanine debt and structured equity investments. Prior to his seven years at TD Capital, Mr. Koen worked at Scotia Capital in the institutional equities and investment banking groups. Mr. Koen holds an MBA with high honors from the University of Chicago, Booth School of Business and a bachelor of arts from Queen’s University, Canada.
“We are extremely pleased with the opportunity to partner with Canada Pension Plan Investment Board and for Michael Koen to join our board. CPPIB’s long-term investment horizon makes them an ideal investor to work with as we continue to focus on generating profitable growth, enhancing cash flows, and creating value for our stakeholders,” said Richard Burke, CEO.
Star Atlantic Waste Holdings II, LP was represented by Shearman & Sterling, LLP and Barclays, Credit Suisse and Deutsche Bank acted as placement agents.