Cincinnati, OH (PRWEB) May 02, 2014
Keating Muething & Klekamp PLL(KMK Law®) attorneys served as lead U.S. counsel for Cintas Corporation (Nasdaq: CTAS) in its joint venture transaction with Shred-it International Inc. to combine the two companies’ document shredding businesses in a transaction that closed May 1, 2014. The combined entity, which will operate under the Shred-it brand, is expected to have annual revenues in excess of $600 million. With this deal, Shred-it is now the world’s largest secure information destruction company with approximately 5,000 employees servicing more than 300,000 customers in more than 140 markets spanning 18 countries.
Under the agreement, Cintas and Shred-it each contributed their document shredding business to a newly formed partnership owned 42% by Cintas and 58% by the shareholders of Shred-it. In addition to its ownership share in the partnership, Cintas received $180 million in cash at closing. The Shred-it headquarters will be located in Ontario, Canada, and the U.S. headquarters will be in Cincinnati, Ohio. Vincent R. De Palma will lead Shred-it as the Chief Executive Officer, and Karen L. Carnahan, formerly Chief Operating Officer of Cintas’ document destruction division, will be the Chief Operating Officer of Shred-it.
KMK Law’s team of Business Representation & Transactions attorneys representing Cintas in this deal was led by partner D. Brock Denton, with strong support from Robert E. Coletti, Edward E. Steiner, Julie T. Muething, Jonathan M. Hiltz, Ross J. Bextermueller, and Allison A. Westfall. The Business Team was assisted by Lisa Wintersheimer Michel and Antoinette L. Schindel of KMK’s Employee Benefits & Executive Compensation Group, Jill A. Weller of KMK’s Environmental Group, Philip A. Tracy and Bryan A. Jacobs of KMK’s Securities Regulation Compliance Group, Barrett P. Tullis of KMK’s Real Estate Group, John S. Fronduti and Kelley Brandstetter Tracy of KMK’s Commercial Finance & Reorganization Group, and Kasey L. Bond of KMK’s Labor & Employment Group.
KMK began representing Cintas in 1959 when the company had 12 employees. Today, Cintas provides highly specialized services to businesses of all types and employs nearly 30,000 Partners and operates more than 430 facilities in North America, Europe, Latin America, and Asia.
About Keating Muething & Klekamp PLL
The law firm of Keating Muething & Klekamp PLL (KMK Law®), based in Cincinnati, Ohio, is a nationally-recognized law firm delivering sophisticated legal solutions to businesses of all sizes — from Fortune 100 corporations to start-up companies. Chambers USA: America’s Leading Business Lawyers® 2014 recognized KMK as a leading law firm in Ohio in Corporate and Mergers & Acquisitions, General Commercial Litigation, and Bankruptcy & Restructuring. KMK earned three national rankings (Corporate Law, Commercial Litigation, and Venture Capital Law) and 36 metropolitan rankings in the 2014 “Best Law Firms” report by U.S. News and Best Lawyers. Founded in 1954, KMK has approximately 110 lawyers and a support staff of 150 employees. Additional information is available at http://www.kmklaw.com.