Founder Of PE-Backed Transpacific Nets $164M In Stake Sale

Law360, New York (March 7, 2013, 2:02 PM EST) -- The founder of private equity-backed Australian waste treatment outfit Transpacific Industries Ltd. reportedly stepped away from the company on Thursday, raking in AU$160.5 million (US$164 million) through the sale of his entire 11.3 percent stake to unnamed institutional investors.

Terry Peabody, who founded the company more than two decades ago, sold his stake at a discounted rate of AU$0.90 per share after markets closed on Thursday, according to the Wall Street Journal, which cited anonymous source with knowledge of the deal. The price is a 4.8...
To view the full article, register now.