SC 13D/A 1 d8951971_13d-a.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

SCHEDULE 13D

(Rule 13d-101)

 

Under the Securities Exchange Act of 1934

 

(Amendment No. 6)

 


 

ADVANCED DRAINAGE SYSTEMS INC.

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

00790R104

(CUSIP Number)

 

Sharlyn C. Heslam

Berkshire Partners Holdings LLC

200 Clarendon Street, 35th Floor

Boston, MA 02116

(617) 227-0050

 

with a copy to:

 

Edward S. Horton, Esq.

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

(212) 574-1265

 

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

September 14, 2021

(Date of Event Which Requires Filing of This Statement)

 


 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

Note. Schedule filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended ("Act"), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

 

 

CUSIP No. 00790R104 13D Page 2 of 17

 

 

1

Names of Reporting Persons

 

Berkshire Partners LLC

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Massachusetts

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

5,248,306

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

5,248,306

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

5,248,306

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

7.4%*

 

14

Type of Reporting Person

 

IA

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

 

CUSIP No. 00790R104 13D Page 3 of 17

 

1

Names of Reporting Persons

 

Berkshire Fund IX, L.P.

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

3,605,195

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

3,605,195

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,605,195

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

5.1%*

 

14

Type of Reporting Person

 

PN

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 4 of 17

 

1

Names of Reporting Persons

 

Berkshire Fund IX-A, L.P.

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

1,476,861

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

1,476,861

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

1,476,861

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

2.1%*

 

14

Type of Reporting Person

 

PN

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 5 of 17

 

1

Names of Reporting Persons

 

Berkshire Investors III LLC

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Massachusetts

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

84,067

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

84,067

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

84,067

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

0.1%*

 

14

Type of Reporting Person

 

OO

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

 

CUSIP No. 00790R104 13D Page 6 of 17

 

1

Names of Reporting Persons

 

Berkshire Investors IV LLC

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

82,183

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

82,183

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

82,183

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

0.1%*

 

14

Type of Reporting Person

 

OO

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 7 of 17

 

1

Names of Reporting Persons

 

Stockbridge Fund, L.P.

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

2,346,506

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

2,346,506

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,346,506

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

3.3%*

 

14

Type of Reporting Person

 

PN

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 8 of 17

 

1

Names of Reporting Persons

 

Stockbridge Absolute Return Fund, L.P.

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

6,364

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

6,364

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

6,364

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

Less than 0.1%*

 

14

Type of Reporting Person

 

PN

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 9 of 17

 

1

Names of Reporting Persons

 

Stockbridge Partners LLC

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

2,635,061

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

2,635,061

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,635,061

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

3.7%*

 

14

Type of Reporting Person

 

IA

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 10 of 17

 

 

1

Names of Reporting Persons

 

Berkshire Partners Holdings LLC

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

7,883,367

 

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

7,883,367

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

7,883,367

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

11.2%*

 

14

Type of Reporting Person

 

OO

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 11 of 17

 

1

Names of Reporting Persons

 

BPSP, L.P.

 

2

Check the Appropriate Box if a Member of a Group

 

(a) (b)

 

3

SEC Use Only

 

 

 

4

Source of Funds

 

OO

 

5

Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)

 

 

6

Citizenship or Place of Organization

 

Delaware

 

Number of Shares Beneficially Owned by Each Reporting Person With 7

Sole Voting Power

 

0

 

8

Shared Voting Power

 

7,883,367

9

Sole Dispositive Power

 

0

 

10

Shared Dispositive Power

 

7,883,367

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person

 

7,883,367

 

12

Check if the Aggregate Amount in Row (11) Excludes Certain Shares

 

 

13

Percent of Class Represented by Amount in Row (11)

 

11.2%*

 

14

Type of Reporting Person

 

PN

 

       

 

* Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

 
 

 

 

CUSIP No. 00790R104 13D Page 12 of 17

 

EXPLANATORY NOTE

 

This Amendment No. 6 ("Amendment No. 6") amends the Schedule 13D first filed on August 8, 2017, as amended on May 31, 2018, August 30, 2018, December 14, 2020, March 12, 2021 and July 26, 2021 (the "Schedule 13D"), and is being filed jointly by the following (each, a "Reporting Person" and collectively, the "Reporting Persons"): Berkshire Partners LLC ("BP" ), Berkshire Fund IX, L.P. ("BF IX" ), Berkshire Fund IX-A, L.P. ("BF IX-A" ), Berkshire Investors III LLC ("BI III"), Berkshire Investors IV LLC ("BI IV"), Stockbridge Fund, L.P. (f/k/a Stockbridge Special Situations Fund, L.P.) ("SF"), Stockbridge Absolute Return Fund, L.P. ("SARF"), Stockbridge Partners LLC ("SP"), BPSP, L.P. ("BPSP") and Berkshire Partners Holdings LLC ("BPH"). Unless otherwise indicated, all capitalized terms not used and not defined herein have the respective meanings provided to them in the Schedule 13D.

 

Certain of the Reporting Persons filed a statement on Schedule 13G on August 27, 2015, as amended on February 16, 2016 and February 14, 2017 (the "Original Schedule 13G") with the U.S. Securities and Exchange Commission (the "SEC") pursuant to Section 13(d) of the Act and Rule 13d-1(c) thereunder, with respect to their ownership of the shares of Common Stock.

 

Items 2(a), 4 and 5(a)-(c) are amended as follows:

 

Item 2. Identity and Background

 

No material changes from the Schedule 13D filed by the Reporting Persons on May 31, 2018.

Item 4. Purpose of Transaction.

 

No material changes from the Schedule 13D filed by the Reporting Persons on May 31, 2018.

 

 

 

CUSIP No. 00790R104 13D Page 13 of 17

 

Item 5.Interest in Securities of the Issuer

 

The twelfth paragraph of Item 5(a) and (b) is amended in its entirety as follows:

Percentage calculations are based on the number of shares of Common Stock outstanding as of July 28, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly fiscal period ended June 30, 2021.

 

"Pursuant to the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, there were 70,561,388 shares of Common Stock issued and outstanding as of July 28, 2021. Accordingly, the shares of Common Stock beneficially owned by the Reporting Persons, in the aggregate, represent approximately 11.2% of the outstanding shares of Common Stock, which is broken out by Reporting Person as follows:

 

i.BPH beneficially owns 11.2% of the Issuer's Common Stock.

 

ii.BPSP beneficially owns 11.2% of the Issuer's Common Stock.

 

iii.BP beneficially owns 7.4% of the Issuer's Common Stock.

 

iv.SP beneficially owns 3.7% of the Issuer's Common Stock.

 

v.BF IX beneficially owns 5.1% of the Issuer's Common Stock.

 

vi.BF IX-A beneficially owns 2.1% of the Issuer's Common Stock.

 

vii.SF beneficially owns 3.3% of the Issuer's Common Stock.

 

viii.SARF beneficially owns less than 0.1% of the Issuer's Common Stock.

 

ix.BI III beneficially owns 0.1% of the Issuer's Common Stock.

 

x.BI IV beneficially owns 0.1% of the Issuer's Common Stock."

 

(c) The trading dates, number of shares of Common Stock purchased or sold, and the price per share for all transactions by the Reporting Persons in the shares of Common Stock within the last 60 days, are set forth below:

Reporting Person Date Price Per Share Number of Shares Purchased / (Sold)
BF IX 9/14/2021 $109.75 (666,230)
BF IX-A 9/14/2021 $109.75 (272,920)
BI IV 9/14/2021 $109.75 (15,085)
BI III 9/14/2021 $109.75 (15,082)
SARF 9/14/2021 $109.75 (1,311)
SF 9/14/2021 $109.75 (477,235)
SP 9/14/2021 $109.75 (8,127)

 

 

Item 7. Material to be Filed as Exhibits.

 

Exhibit A Joint Filing Agreement

 
 

 

 

 

CUSIP No. 00790R104 13D Page 14 of 17

 

SIGNATURES

 

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: September 16, 2021

    BERKSHIRE PARTNERS LLC
     
    By:          BPSP, L.P.,
    its managing member
     
    By:          Berkshire Partners Holdings LLC,
    its general partner
     
    By:          /s/ Kenneth S. Bring
    Name: Kenneth S. Bring
    Title: Managing Director
       
       
    BERKSHIRE FUND IX, L.P.
       
    By:          Ninth Berkshire Associates LLC,
    its general partner
       
    By:          /s/ Kenneth S. Bring
    Name: Kenneth S. Bring                 
    Title: Managing Director
       
       
    BERKSHIRE FUND IX-A, L.P.
       
    By:          Ninth Berkshire Associates LLC,
    its general partner
       
    By:          /s/ Kenneth S. Bring
    Name: Kenneth S. Bring                 
    Title: Managing Director
       
       
    BERKSHIRE INVESTORS IV LLC
       
    By:          /s/ Kenneth S. Bring
    Name: Kenneth S. Bring                 
    Title: Managing Director
       
       
      BERKSHIRE INVESTORS III LLC
       
   

 

By: /s/ Kenneth S. Bring

    Name: Kenneth S. Bring                 
    Title: Managing Director
     

[Signature Page to Schedule 13D]

 
 

 

CUSIP No. 00790R104 13D Page 15 of 17

 

 

    STOCKBRIDGE FUND, L.P.
       
    By:          Stockbridge Associates LLC,
    its general partner
       
    By:          /s/ Kenneth S. Bring
    Name: Kenneth S. Bring                 
    Title: Managing Director
       
       
    STOCKBRIDGE ABSOLUTE RETURN FUND, L.P.
       
    By:          Stockbridge Associates LLC,
    its general partner
       
    By:         /s/ Kenneth S. Bring
                 Name: Kenneth S. Bring                 
                 Title: Managing Director
     
   

STOCKBRIDGE PARTNERS LLC

 

By: BPSP, L.P.,

its managing member

 

By: Berkshire Partners Holdings LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE PARTNERS HOLDINGS LLC

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BPSP, L.P.

 

By: Berkshire Partners Holdings LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

[Signature Page to Schedule 13D]

 

 
 

 

 

CUSIP No. 00790R104 13D Page 16 of 17

JOINT FILING AGREEMENT

 

This will confirm the agreement by and among all the undersigned that the Schedule 13D filed on or about this date and any amendments thereto with respect to the beneficial ownership by the undersigned of shares of common stock, $0.01 par value per share, of Advanced Drainage Systems, Inc. is being filed on behalf of each of the undersigned in accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934. This agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The execution and filing of this agreement shall not be construed as an admission that the undersigned are a group, or have agreed to act as a group.

 

Dated: September 16, 2021

   

BERKSHIRE PARTNERS LLC

 

By: BPSP, L.P.,

its managing member

 

By: Berkshire Partners Holdings LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE FUND IX, L.P.

 

By: Ninth Berkshire Associates LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE FUND IX-A, L.P.

 

By: Ninth Berkshire Associates LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE INVESTORS IV LLC

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE INVESTORS III LLC

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

[Signature Page to Schedule 13D - Joint Filing Agreement]

 

 

 

 

CUSIP No. 00790R104 13D Page 17 of 17

 

 

 

   

STOCKBRIDGE FUND, L.P.

 

By: Stockbridge Associates LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

STOCKBRIDGE ABSOLUTE RETURN FUND, L.P.

 

By: Stockbridge Associates LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

STOCKBRIDGE PARTNERS LLC

 

By: BPSP, L.P.,

its managing member

 

By: Berkshire Partners Holdings LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BERKSHIRE PARTNERS HOLDINGS LLC

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 

 

BPSP, L.P.

 

By: Berkshire Partners Holdings LLC,

its general partner

 

By: /s/ Kenneth S. Bring

Name: Kenneth S. Bring

Title: Managing Director

 


[Signature Page to Schedule 13D - Joint Filing Agreement]