TORONTO, Aug 3 (Reuters) - Canada Pension Plan Investment Board (CPPIB) said it has invested $280 million in U.S. waste collection company Advance Disposal Services, which postponed a planned stock market listing earlier this year.
Advanced Disposal is the fourth largest solid waste company in the United States, serving customers across 16 states and the Bahamas. It was acquired by private equity firm Highstar Capital in 2006 but put off a planned initial public offering in February, citing volatile market conditions.
CPPIB said it saw the deal as an opportunity to become a key long-term investor in a business with a solid track record of growth. It said the firm’s organic growth could be supplemented by acquisitions in the future.
Reporting by Matt Scuffham