I was recently at an outdoor concert with friends. The long lines of portable toilets got me wondering–did you know that private equity owns the largest portable toilet company?
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PE Playbook: Portable Toilets
State of Play
United Site Services (USS), currently backed by Platinum Equity, holds an estimated 17% share of the U.S. portable toilet market, according to Middle Market. The company has grown rapidly via M&A, acquiring over 70 add-ons since inception and cycling through four different PE sponsors.
In 2021, Platinum rolled its ownership into a continuation fund at a reported $4 billion valuation, representing a 4x+ return in just four years.
Let’s dive into the thesis and a case study on United Site Services.