A company backed by the Permira funds announced that it will acquire BakerCorp, provider of equipment rental systems for liquid and solid containment applications in North America, for $960 million. The acquisition, subject to customary regulatory approvals, is expected to close by July 2011.
With more than 100 locations in North America and Europe, BakerCorp offers integrated systems in end markets including industrial services, refining, oil and gas, environmental remediation, power, municipal, and construction. BakerCorp's European operations serve customers from five locations in Germany, France, and the Netherlands.
The Permira funds will back the current management team as they accelerate the growth of BakerCorp both in the United States and internationally. BakerCorp will focus on extending its product and service offering through its existing branch network and in new locations. It plans to continue its expansion into new geographic regions in North America, Europe, and other international markets.
The Permira funds were advised by Morgan Stanley & Co Inc and Deutsche Bank Securities Inc on the transaction.