ADS Waste Holdings has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list on the New York Stock Exchange under the symbol ADSW.
The underwriters for the offering are Deutsche Bank, Credit Suisse, Barclays, Merrill Lynch, Macquarie Capital, Morgan Stanley, UBS Investment Bank, Wells Fargo and First Analysis Securities.
This is a leading integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services, operating primarily in secondary markets or under exclusive arrangements. The company has a presence in 18 states across the Midwest, South and East regions of the United States, serving approximately 2.8 million residential and 202,000 commercial and industrial customers through an extensive network of 92 collection operations, 75 transfer stations, 23 owned or operated recycling facilities and 39 owned or operated landfills.
The company seeks to drive financial performance in markets in which it owns or operates a landfill or in certain disposal-neutral markets, where the landfill is owned by a municipal customer. In markets in which it owns or operates a landfill, the company aims to create and maintain vertically integrated operations through which it manages a majority of customers’ waste from the point of collection through the point of disposal, a process referred to as internalization.
By internalizing a majority of the waste in these markets, ADS is able to deliver high-quality customer service while also ensuring a stable revenue stream and maximizing profitability and cash flow from operations. In disposal-neutral markets, it focuses selectively on opportunities where the company can negotiate exclusive arrangements with municipal customers, facilitating highly efficient and profitable collection operations with lower capital requirements.
ADS Waste updated its finances in this most recent filing:
For the twelve months ended September 30, 2015, we generated revenues of $1.4 billion, net loss of $0.5 million, adjusted EBITDA of $378.5 million and cash flow from operations of $255.0 million.
The company intends to use the net proceeds from this offering to repay certain outstanding indebtedness.
ALSO READ: America’s 50 Best Cities to Live In
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.