IPO FILING: Safety-Kleen HoldCo. (SK)

Douglas A. McIntyre

Safety-Kleen HoldCo. has submitted its IPO filing with the SEC today. The filing shows a maximum proposed offering price of $300 million, although this number is for filing purposes only.

The company has applied to trade on the New York Stock Exchange under the ticker “SK.” Underwriters for the transaction are listed as Merrill Lynch and JPMorgan.  An affiliate of JPMorgan will also be selling shares in the IPO.

Safety-Kleen is a leading provider of comprehensive environmental solutions such as providing used oil collection, re-refining and recycling, and parts cleaning services, containerized waste services, and vacuum services in North America. They have been in business for over 40 years and operate 75% of the re-refining capacity of used oil in North America. They are a market leader in their businesses, have a strong brand name, and recurring revenue stream from a wide, diverse customer base. They served 33,000 customers in 2007, including 420 of the top Fortune 500 companies, generating revenue of $1.1 billion and a net income of $4.5 million.

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Jon C. Ogg
May 1, 2008