Platinum Equity portfolio company United Site Services, which claims to be the largest provider of portable sanitation and related site services in the United States, announced this week the closing of an investment by a Platinum Equity continuation fund vehicle that will support the company's continued growth. Terms of the transaction were not disclosed.
Asterios Satrazemis, who joined USS as CEO in 2019 and will continue to lead the company going forward, said the new investment and Platinum Equity's continued support will help USS sustain its momentum. Satrazemis has a long history in the equipment rental industry as former CEO of Blue Line Rentals and leading executive roles with United Rentals and Aggreko.
"Platinum has been a terrific partner and great steward of our business, we have accomplished a lot already and there is so much more we can do together," said Satrazemis. "We have the right foundation, with the people, systems, culture and infrastructure in place to support a new phase of growth and expansion."
Since acquiring USS in 2017, Platinum Equity has helped transform the company by stimulating organic growth, executing 36 accretive add-on acquisitions, and implementing a broad range of operational improvements throughout the business. USS revenue doubled and EBITDA tripled during the four years under Platinum Equity's ownership so far.
"This transaction is truly a win-win, allowing us to realize the value we have created together in the first phase of the USS transformation, while affirming our commitment to providing the financial and operational resources it needs to accelerate its growth in the next chapter," said Platinum Equity partner Louis Samson. "We believe strongly in the company because the playbook we put in place has consistently delivered."
Platinum Equity said it will continue to invest in organic and inorganic growth initiatives.
"In USS we have created a proven platform for organic and acquisitive growth," said Platinum Equity managing director David Glatt. "Our M&A program is a well-oiled machine with substantial opportunities to continue expanding in a highly fragmented market."
Credit Suisse, Goldman Sachs & Co. and Harris Williams served as financial advisors to USS on the transaction. BofA Securities was the lead underwriter for the debt financing. Latham & Watkins LLP and Simpson Thacher & Bartlett LLP served as legal counsel to Platinum Equity on the USS transaction and the formation of the continuation fund, respectively.
United Site Services has 120 locations coast-to-coast, providing portable sanitation and temporary site services, including portable restrooms and trailers, hand hygiene stations, temporary fence and more. Learn more at www.unitedsiteservices.com.