Hoover Ferguson completes buyout of brambles and shareholder note
Houston -- Hoover Ferguson Group (“Hoover Ferguson” or “the Company”), a global leader in container, accommodation, workspace and packaging solutions for the energy, petrochemical and general industrial end markets, today announced that its majority shareholder, First Reserve, and senior management have acquired the equity interest in the Company previously owned by Brambles Limited (“Brambles”). The transaction includes the purchase of Brambles’ 50% ownership stake in the Company as well as the refinancing of the $150 million Brambles shareholder note that was put in place to facilitate the merger of Hoover Container Solutions, Ferguson Group and CHEP Catalyst Containers in late October 2016.
“We are excited to complete this transaction which further consolidates the Company’s ownership and reduces our total debt and annual interest expense,” said Donald W. Young, Chairman and CEO of Hoover Ferguson. “This transaction enhances Hoover Ferguson’s balance sheet which allows us to better execute on our future growth plans.”
About Hoover Ferguson
Hoover Ferguson is an integrated service provider of chemical tanks, cargo carrying units, catalyst bins, modular containers and other related rental products and services to the global energy, petrochemical and general industrial end markets. With history dating back to 1911, Hoover Ferguson provides its customers with comprehensive liquid, cargo, waste and specialized container solutions as well as a range of complementary services including cleaning, refurbishment, recertification and logistics. For more information, visit our website at www.hooverferguson.com.