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Keating Muething & Klekamp Represents Cintas in Sale of Shred-it International to Stericycle, Inc. for $2.3 Billion

July 16, 2015

The Cincinnati law firm of Keating Muething & Klekamp PLL (KMK Law®) is representing Cintas Corporation in its definitive agreement to sell its investment in Shred-it International Inc. to Stericycle, Inc. for consideration of approximately $2.3 billion in cash. Cintas will realize consideration of approximately $550 million to $600 million before taxes.

Shred-it International, headquartered in Ontario, Canada, is a privately-held, global secure information destruction services provider with more than 400,000 customer locations in 15 countries. Shred-it International’s pro forma revenue for the 12-month period ending March 2015 was $726 million.

Upon closing of the transaction, Shred-it International will become a wholly-owned subsidiary of Stericycle (NASDAQ: SRCL), a global, business-to-business compliance solutions provider specializing in complex and highly-regulated arenas. The transaction is expected to close in the fourth quarter of 2015, subject to obtaining regulatory approvals and satisfaction of other customary closing conditions.

Headquartered in Cincinnati, Cintas Corporation (NASDAQ: CTAS) provides highly-specialized services to businesses of all types primarily throughout North America. In April 2014, KMK Law represented Cintas in the formation of the Shred-it partnership with Birch Hill Equity Partners and other shareholders of Shred-it International Inc. to combine Shred-it International’s business with Cintas’ information destruction business. Under the partnership agreement, Cintas received $180.0 million in cash at the closing of the transaction and retained 42 percent ownership of Shred-it.

KMK Law Partner, D. Brock Denton, is serving as the lead attorney representing Cintas Corporation in this transaction with Stericycle. Additional KMK Law team members include Robert E. Coletti, Edward E. Steiner, Jonathan M. Hiltz, Mark E. Sims, and Allison A. Westfall.

Goldman Sachs Group, Inc. and Bank of America Merrill Lynch are serving as financial advisors to Stericycle. Sidley Austin LLP and Davies Ward Phillips & Vineberg LLP are serving as Stericycle’s legal counsel.

Shred-it International’s legal advisors are Stikeman Elliot LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

About Keating Muething & Klekamp PLL
The law firm of Keating Muething & Klekamp PLL (KMK Law®), based in Cincinnati, Ohio, is a nationally-recognized law firm delivering sophisticated legal solutions to businesses of all sizes — from Fortune 100 corporations to start-up companies. Chambers USA: America’s Leading Business Lawyers® 2015 recognized KMK as a leading law firm in Ohio in Corporate and Mergers & Acquisitions, General Commercial Litigation, and Bankruptcy & Restructuring.  KMK Law earned three National Rankings in Corporate Law, Commercial Litigation, and Venture Capital Law and 37 Metropolitan Rankings in the U.S. News & World Report and Best Lawyers publication of its 2015 “Best Law Firms” Report. Founded in 1954, KMK has approximately 110 lawyers and a support staff of 150 employees. Additional information is available at www.kmklaw.com.