In the early 2000s, Transpacific Industries (TPI) was on a roll. Its founder, Terry Peabody, had built it from a small coal ash recycling company into the largest Australian waste management enterprise, making about 50 debt-fueled acquisitions along the way, and had become a billionaire in the process. Nicknamed the 'Golden Garbo,' he was a press-shy business leader known for his company's rapid growth and for his idiosyncratic strategies. TPI's expansion culminated in 2007 with the purchase of a waste management business called Cleanaway for A$1.25 billion (about US$1.1 billion) - an extraordinary amount for that industry in that region.
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