Stericycle Inc., a company based in Lake Forest, Illinois, that manages the disposal of medical and hazardous waste, announced plans to buy Toronto-based Shred-It International for $2.3 billion.
Shred-It was established in 1988 as one of the first paper shredding companies in the world and now operates in 18 countries with a fleet of more than 2,400 trucks.
Stericycle ranks No. 95 on the Transport Topics Top 100 Private Carriers list with a fleet of 332 tractors, 1,211 straight trucks and 1,751 trailers.
CEO Charlie Alutto said the acquisition will bolster Stericycle’s compliance services and expand the company’s global reach.
Both companies have been actively acquiring companies to boost growth and broaden their service offerings. Last year, Shred-It merged its operations with Cintas Corp.’s document destruction business and purchased the international secure shredding business of Iron Mountain Information Management Services. Stericyle has acquired 15 companies in the first quarter of 2015 alone with its most recent deal involving Chemical Analytics Inc. in Romulus, Michigan.
Boston-based Iron Mountain has also offered cash and stock to acquire rival Recall Secure Destruction Services in Norcross, Georgia.
