November 26, 2007
For Immediate Release
DALLAS, TX - LETCO Acquisition, LLC (the “Company” or “LETCO”), a company sponsored by Hunt Special Situations Group, L.P. (“Hunt”), announced today that it has completed the acquisition of all the assets of The LETCO Group, L.P., a subsidiary of Republic Services, Inc. (NYSE: RSG).
LETCO (www.livingearth.net), based in Dallas, is the largest commercial manufacturer and provider of mulch, compost and other landscaping materials in Texas. In addition, the Company is the largest recycler of green waste in Texas. It operates 13 locations primarily in the metropolitan areas of Dallas and Houston, selling to commercial landscaping contractors, nurseries and other retailers. LETCO’s product offering includes a variety of mulches, composts, blended soils, soil amendments and convenience items such as stone, gravel and river rock. The Company’s packaged products are sold under the “Earth’s Finest” and “Living Earth” trade names.
The Company will be led by Mark Rose as President, who has 26 years of experience in the industry and has been with the Company since 1991. He is joined by several other key managers that have extensive experience and long service histories with LETCO.
“This transaction opens an exciting chapter for LETCO,” said Rose. “Our partnership with Hunt will allow LETCO, once independent, to realize its full potential, pursue strategic opportunities and continue to provide excellent products and service to our customers. In addition, we see opportunity to continue to scale the business through the development of new locations and select acquisitions. We look forward to taking advantage of Hunt’s financial and non-financial resources.”
Phil Arra, President of Hunt Special Situations Group, L.P., said: “This transaction represents our second corporate carve-out this year. Consistent with our investment philosophy, it’s an opportunity to invest constructively and maximize the value of a business in transition. We look forward to working collaboratively with management to maximize the value of LETCO as a stand-alone business. In such a fragmented industry, LETCO will continue to be a market leader and promote a variety of ‘green’ and environmentally friendly initiatives. ”
About Hunt Special Situations Group, L.P.
Hunt Special Situations Group, L.P. is an affiliate of Hunt Investment Corporation, a private equity business affiliated with the Ray L. Hunt family of Dallas, TX. The firm invests constructively in middle market companies in transition. Additional information about Hunt Special Situations Group, L.P. is available at www.huntssg.com.
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