Sydney, Australia, December 9, 2024 – Global Investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to acquire a majority stake in Waste Services Group (“WSG”), a commercial, industrial and liquid waste management business in Australia, from Livingbridge. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners (CAP). Livingbridge will also be reinvesting for a significant minority stake. Terms of the transaction are not being disclosed.
Established in 2016, WSG is a waste services company operating in the commercial and industrial segment of the Australian waste sector, serving over 10,000 customers and employing over 600 people.
Carlyle has a long history of investing in and growing industrial businesses, both globally and across Asia. Carlyle will work with WSG’s management team to further build out the company’s scale and operations, including supporting continued geographic expansion within Australia, and the broadening of services provided.
Geoff Hutchinson, Managing Director and Head of Australia and New Zealand at Carlyle, said, “We have been impressed by WSG’s track record of growth, enabled by its strong focus on customer service, and we think the business is an excellent platform for continued expansion. We are excited to partner with the management team and look forward to working together with them on the next chapter of growth.”
Oliver Mauldridge from Livingbridge, said, “We are committed to the continued success of WSG and are delighted to be reinvesting. We look forward to partnering with management and Carlyle to build the leading commercial and industrial waste business in the region.”
Carlyle has invested approximately US$32 billion of equity in over 125 deals in the industrial sector globally, as of September 30, 2024.
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About Waste Services Group
Waste Services Group (WSG) is a waste services company operating in the commercial and industrial segment of the Australian waste sector. Since its inception in 2016, WSG has grown to now serve over 10,000 customers and employ over 600 people.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
About Livingbridge
Livingbridge is a leading mid-market private equity firm which empowers businesses to unlock their potential. Since 1999, Livingbridge has supported over 170 investments. Livingbridge is an ambitious and international team with offices in London, Manchester, Australia, and the US.
To find out more visit Livingbridge.com
Media contacts:
Carlyle
Lonna Leong
+852 9023 1157
About Livingbridge
Livingbridge
Lydia Kalia
+44 7850 972496
