The Carlyle Group LP has asked Evercore Partners Inc to explore a sale of cash-strapped Synagro Technologies Inc, the largest recycler of organic waste in the United States, two people familiar with the matter said, as the takeover firm tries to cut its losses on its first infrastructure fund investment.Carlyle's infrastructure fund borrowed heavily to take Synagro private in 2007 in a $772 million deal, leaving it financially vulnerable when municipalities cut spending on wastewater treatment and other environmental projects in the aftermath of the 2008 financial crisis.It also lost two major contracts in New York City and Detroit. Its Detroit contract was mired in a bribery scandal that weighed on Houston, Texas-based Synagro's public image.Synagro was saddled with over $500 million of debt, with a $100 million credit facility due in April, Moody's Investors Service Inc said in August. In December, Synagro said it had clinched a waiver from its lenders for a breach of covenants in its debt.
Shares of CG traded higher by 0.23% or $0.06/share to $26.46. In the past year, the shares have traded as low as $20.00 and as high as $27.90. On average, 80879 shares of CG exchange hands on a given day and today's volume is recorded at 94398.
Evercore Partners Inc. is an independent investment banking advisory firm. Shares of EVR traded higher by 0.43% or $0.14/share to $32.54. In the past year, the shares have traded as low as $20.57 and as high as $32.84. On average, 216243 shares of EVR exchange hands on a given day and today's volume is recorded at 171333.
Source
