Global investment firm Carlyle has announced an agreement to acquire a majority stake in Waste Services Group (WSG), a waste management business in Australia, from Livingbridge. The equity for this investment will come from Carlyle Asia Partners (CAP) funds. Livingbridge will retain a significant minority stake. The financial terms of the transaction have not been disclosed.

WSG, established in 2016, operates within the commercial and industrial sectors of the Australian waste industry, serving over 10,000 customers and employing more than 600 people.

Carlyle plans to collaborate with WSG’s management team to expand the company’s operations and geographic reach within Australia while broadening its service offerings.

Geoff Hutchinson, Managing Director and Head of Australia and New Zealand at Carlyle, stated: “We have been impressed by WSG’s track record of growth, enabled by its strong focus on customer service, and we think the business is an excellent platform for continued expansion. We are excited to partner with the management team and look forward to working together with them on the next chapter of growth.”

Oliver Mauldridge from Livingbridge commented: “We are committed to the continued success of WSG and are delighted to be reinvesting. We look forward to partnering with management and Carlyle to build the leading commercial and industrial waste business in the region.”

Carlyle has invested around US$32 billion in over 125 industrial sector deals globally as of September 30, 2024.