Shred-it International Inc., an information destruction services company, filed documents with regulators for an initial public offering in Canada that may raise at least C$500 million ($406 million), according to people familiar with the company’s plans.
Shred-it was established in 1988 as one of the first paper shredding companies in the world, according to its website. Shred-it today provides document destruction services to more than 400,000 customers in 18 different countries with a fleet of more than 2,400 trucks, the Oakville, Ontario-based company said in a Tuesday filing with regulators.
A telephone message left with representatives of Shred-it wasn’t immediately returned.
Shred-it has expanded through acquisitions, including last year’s purchase of Iron Mountain’s international secure shredding business in the U.K., Ireland and Australia and its combination with Cincinnati-based Cintas Corp.’s document shredding business.
Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce and Bank of Nova Scotia are leading the sale, according to the filing.