Private equity firm Livingbridge has agreed to sell Waste Services Group (WSG) to funds managed by the Carlyle Group, marking its largest exit in the Australian market. The transaction follows a competitive sale process, highlighting the growing interest in waste management companies among private capital investors.

Allens, an international commercial law firm, provided comprehensive legal advice throughout the sale. They had previously assisted Livingbridge during its acquisition of WSG in 2021 and in subsequent bolt-on acquisitions. The firm’s involvement underscores its long-standing relationship with Livingbridge.

Mark Malinas and Emin Altiparmak, co-lead partners at Allens, noted that WSG, led by Matt Tamplin, boasts a strong management team and a solid growth record. This made the sale particularly appealing to various private equity sponsors. The competitive nature of the process reflects the increasing popularity of waste management services in the investment landscape.

In a show of confidence in WSG's future, Livingbridge has opted to reinvest a portion of its interest in the company. This decision indicates their belief in the ongoing potential of the waste management sector.

Overall, this transaction not only highlights Livingbridge's successful investment strategy but also the robust demand for waste management services in the current market.