Date: February 2, 2010
Source: Action Carting Environmental
Action Carting Environmental Announces Acquisitions
Action Carting Environmental, focused on effective and environmentally friendly waste collection, carting and recycling, today announced that it has reached a definitive agreement to acquire select New York City assets of Republic Services, Inc. (NYSE: RSG). Action Carting Environmental ("Action Carting") also announced that it has completed the acquisition of privately-held East End Sanitation, Inc. Terms of both transactions were not disclosed. The transactions are expected to close in the second quarter, subject to customary regulatory approvals.
"These are strong acquisitions that advance Action's mission to be the foremost, environmentally friendly collection and recycling provider in the demanding New York region," said Ron Bergamini, Action's CEO. "We look forward to better serving our broad array of customers, including universities and large facilities, such as hospitals and baseball fields, not only with impeccable collection, but with cutting edge technologies designed to help our customers meet their ‘green' objectives to reduce, reuse and recycle."
With these acquisitions, Action Carting will add 20 vehicles to its existing fleet of 100, two transfer stations to its operations, and increase its on-the-ground workforce to over 350. Transfer stations are where materials are processed for sorting and disposal. These assets complement Action's state-of-the art, Bronx-based materials recovery facility, which allows for enhanced recyclable sorting.
"Acquiring the two transfer stations is an important step in our development," said, COO and Board Chairman, Mike DiBella. "We will be able to increase the quantity and quality of our recycling capabilities, which will all be conveniently located in the Bronx."
The acquisitions will be financed by key banking partners, including Comerica Bank, existing investor Ironwood Capital, and new investor Summer Street Capital Partners, LLC.
In connection with the transactions, W.Y. Campbell & Company acted as financial advisor to Action Carting Environmental.
About Action Carting Environmental
Founded in 1999, by John Glauda, Action Carting Environmental Services is a leading provider of solid waste collection and environmental services for the business community of New York's five boroughs. Action is headquartered in Newark, with key operations and facilities in the Bronx. With more than 290 employees, 100 trucks, a materials recovery facility and soon to be acquired two transfer stations, Action provides the highest quality solid waste, recycling collection and disposal services. Action Carting Environmental also offers customers leading "green" solutions, such as light bulb recycling and composting. For more information, please visit www.actioncarting.com.
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