14-04-2015
Clean Harbors agrees to buy Thermo Fluids for $85M
Clean Harbors, Inc, the leading provider of environmental, energy and industrial services in North America, and Nuverra Environmental Solutions, Inc, a leading provider of full-cycle environmental solutions to energy end-markets, today announced a definitive agreement has been reached, whereby Clean Harbors will acquire Nuverra's subsidiary Thermo Fluids Inc, for $85 million in an all-cash transaction.
The companies expect to complete the acquisition, which is subject to customary closing conditions, including, but not limited to, regulatory approval, by early March 2015.
Clean Harbors Chairman and Chief Executive Officer Alan S. McKim, said, "TFI is a leading provider of route-based environmental services, which represents an attractive acquisition opportunity that will support both components of our Safety-Kleen business. The addition of TFI's environmental business will perfectly complement our SK Environmental Services business, as well as drive incremental volumes into our hazardous waste disposal facilities.
"Its regionally focused business model has enabled TFI to achieve both operating scale and route density in the markets it serves," added Mr. McKim. "At the same time, as one of the largest collectors of used motor oil in the western U.S., TFI will add approximately 50 million gallons of waste oil to Safety-Kleen's recycling and re-refining business. We expect to effectively leverage its highly scalable platform of collection facilities, storage capabilities, rail assets and transportation fleet with our existing re-refining infrastructure."
Mark D. Johnsrud, Nuverra's Chairman and Chief Executive Officer, stated, "Our strategy has been to focus on our core shale environmental solutions business, and this transaction is consistent with that approach. We are pleased to monetize our TFI business to provide further support to that strategy. As the leading environmental and industrial services company in North America, Clean Harbors will be an excellent steward for TFI going forward."
Based in Scottsdale, AZ, TFI provides environmental services in 21 U.S. states through a network of 36 permitted facilities. The company operates a well-maintained fleet of trucks and rail cars in servicing more than 20,000 customers. TFI's range of environmental services includes used oil recycling, used oil filter recycling, antifreeze products, parts washers and solvent recycling. Its industrial waste management services include vacuum services, remediation, lab pack and hazardous waste management.
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