|[May 01, 2014]
Shred-it Combines with Cintas' Document Shredding Business
TORONTO --(Business Wire)--
Shred-it International Inc. ("Shred-it") announced today the completion
of its previously announced transaction to combine with Cintas
Corporation's ("Cintas") document destruction business. The combined
company will, over time, operate under the Shred-it brand and be 58%
owned by the existing shareholders of Shred-it, and 42% owned by Cintas.
With this deal, Shred-it is now the world's largest secure information
destruction company with a fleet of over 2,000 trucks, operating in over
140 markets throughout 18 countries, employing 5,000 dedicated Partners,
and serving 300,000+ clients.
"Shred-it became the company it is today by making security and customer
service our top priorities in meeting our customers' information
destruction needs," said Vince De Palma, President and CEO of the
combined company. "This combination only strengthens our ability to
deliver the quality service that our respective customers have grown to
The company will be headquartered in Oakville, Ontario and maintain a
U.S. head office in Cincinnati, Ohio. Karen Carnahan, currently the
President of Cintas' document destruction division, will become Chief
Operating Officer. Other key leaders from both Shred-it and Cintas will
form the manaement team of the new organization.
"As we integrate over the months ahead, it will become clear to everyone
that the two organizations complement each other quite well," added De
Palma. "The combined strengths of our organizations, guided by an
experienced management team positions us well for the future. It's a
very exciting time for the new Shred-it."
Shred-it is a world-leading information security company providing
information destruction services that ensure the security and integrity
of our clients' private information. The company operates in 140 markets
throughout 18 countries worldwide, servicing more than 300,000 global,
national and local businesses.
Headquartered in Cincinnati, Cintas Corporation provides highly
specialized services to businesses of all types primarily throughout
North America. Cintas designs, manufactures and implements corporate
identity uniform programs, and provides entrance mats, restroom
supplies, first aid, safety, fire protection products and services and
document management services for over one million businesses. Cintas is
a publicly held company traded over the Nasdaq Global Select Market
under the symbol CTAS and is a component of the Standard & Poor's 500
For more information, please visit www.shredit.com.
- See more at: http://www.shredit.com/en-us/about/press-room/press-releases/shred-it-to-combine-with-cintas-document-shredding?returnurl=%2fen-us%2fabout%2fpress-room#sthash.GbQYNvWu.dpuf
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