Livingbridge agrees the partial realisation of Waste Services Group

Livingbridge today announced that it has agreed to a partial realisation of Waste Services Group (“WSG”), a commercial, industrial and liquid waste management business in Australia, with Carlyle acquiring a majority stake in the business. 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.”