Quest Resource Holding Corporation Announces Definitive Agreement to Acquire Asset-Light Waste Services Provider
June 15, 2021 at 06:00 AM EDT
THE COLONY, Texas, June 15, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (Nasdaq: QRHC) ("Quest"), a national leader in environmental waste and recycling services, announced today that it has signed a definitive agreement to acquire the assets of an Atlanta-based independent environmental services company.
The total consideration of the acquisition at close is $2.5 million, which will be paid in a combination of cash and an earn-out. During the Trailing Twelve Month (TTM) period ending on March 31, 2021, the acquired assets, which mainly consist of customer contracts, are estimated to have produced Adjusted EBITDA of approximately $0.5 million. The acquisition is expected to be completed in the next 30 to 60 days, subject to customary closing conditions.
“We continue to find attractive businesses, like this one, that provide exceptional service and have high client loyalty. This asset purchase will add incremental volume to our existing presence in the multi-family housing market,” said Quest President and Chief Executive Officer S. Ray Hatch. “The key to the success of our M&A strategy is our ability to maintain or increase the value proposition to acquired customers by leveraging the scale and scope of our services platform. We continue to use this customer-first approach in evaluating a growing list of acquisition opportunities in multiple end markets.”
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