NORWELL, Mass. and SCOTTSDALE, Ariz., April 14, 2015 /PRNewswire/ -- Clean Harbors
Inc. ("Clean Harbors") (NYSE: CLH), the leading provider of
environmental, energy and industrial services in North America, and Nuverra Environmental
Solutions, Inc. ("Nuverra") (NYSE: NES), a leading provider of
full-cycle environmental solutions to the energy end market, today
announced the close of Clean Harbors' planned acquisition of Thermo
Fluids Inc. (TFI) from Nuverra. Clean Harbors purchased
Thermo Fluids for $85 million in an
all-cash transaction.
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.
Clean Harbors Chairman and Chief Executive Officer Alan S. McKim, said, "The acquisition of TFI
aligns with our strategy to expand our environmental services
customer base and drive incremental volumes into our hazardous
waste disposal facilities. TFI ideally complements our SK
Environmental Services network as it strengthens our presence in
the western U.S. by providing us density in certain regions while
also opening new local markets to Clean Harbors.
"Further, 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. The net result will be much more efficient
collection and movement of waste oil throughout Safety-Kleen's
entire network," McKim concluded.
Mark D. Johnsrud, Nuverra's
Chairman and Chief Executive Officer, said, "We believe Clean
Harbors and its Safety-Kleen division are an excellent strategic
fit for TFI and its employees. We commend the TFI team for
their commitment to ensuring customers continue to receive the
highest-quality services during this transition. This transaction
enables us to now fully focus on our core shale solutions business
strategies."
Nuverra will apply 100% of the net proceeds received to reduce
the outstanding balance under its asset-based revolving credit
facility. Pursuant to the agreement, $4.25 million of the proceeds was deposited into
an indemnity escrow account to secure certain obligations of
Nuverra under the purchase agreement. After giving effect to
the indemnity escrow, the closing date working capital adjustment
and the payment of transaction fees and expenses, the amount of net
cash proceeds received by Nuverra on the closing date was
approximately $74.6 million.
Houlihan Lokey acted as exclusive
financial advisor to Nuverra in connection with the transaction,
and Squire Patton Boggs served as Nuverra's legal
counsel.
About Clean Harbors
Clean Harbors (NYSE: CLH) is
North America's leading provider
of environmental, energy and industrial services. The Company
serves a diverse customer base, including a majority of the Fortune
500, across the chemical, energy, manufacturing and additional
markets, as well as numerous government agencies. These customers
rely on Clean Harbors to deliver a broad range of services, such as
end-to-end hazardous waste management, emergency spill response,
industrial cleaning and maintenance, and recycling services.
Through its Safety-Kleen subsidiary, Clean Harbors also is
North America's largest recycler
and re-refiner of used oil and a leading provider of parts washers
and environmental services to commercial, industrial and automotive
customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates
throughout the United States,
Canada, Mexico and Puerto
Rico. For more information, visit www.cleanharbors.com.
About Nuverra
Nuverra Environmental Solutions is among
the largest companies in the United
States dedicated to providing comprehensive and full-cycle
environmental solutions to customers in the energy end-market.
Nuverra focuses on the delivery, collection, treatment, recycling,
and disposal of restricted solids, water, wastewater, waste fluids
and hydrocarbons. Nuverra continues to expand its suite of
environmentally compliant and sustainable solutions to customers
who demand stricter environmental compliance and accountability
from their service providers. Interested parties can access
additional information about Nuverra on its web site at
http://www.nuverra.com, and in documents filed with the United
States Securities and Exchange Commission, on the SEC's web site at
http://www.sec.gov.
Safe Harbor Statement
Any statements contained herein
that are not historical facts are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally identifiable
by use of the words "believes," "expects," "intends,"
"anticipates," "plans to," "estimates," "projects," or similar
expressions. Such statements may include, but are not limited to,
statements about future financial and operating results, and other
statements that are not historical facts. Such statements are based
upon the beliefs and expectations of Clean Harbors' and Nuverra's
management as of this date only and are subject to certain risks
and uncertainties that could cause actual results to differ
materially, including, without limitation, those items identified
as "risk factors" in Clean Harbors' and Nuverra's most recently
filed Form 10-K,Form 10-Q and other reports filed with the
Securities and Exchange Commission Therefore, readers are cautioned
not to place undue reliance on these forward-looking statements.
Clean Harbors and Nuverra undertake no obligation to revise or
publicly release the results of any revision to these
forward-looking statements other than through their filings with
the Securities and Exchange Commission, which may be viewed in the
"Investors" section of Clean Harbors' website at
www.cleanharbors.com or the "Investors" section of Nuverra's
website at www.nuverra.com.
Contacts:
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Eric
Kraus
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Jim
Buckley
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EVP Corporate Comm.
& Public Affairs
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SVP Investor
Relations
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Clean Harbors, Inc.
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Clean Harbors,
Inc.
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781.792.5100
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781.792.5100
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Kraus.Eric@cleanharbors.com
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Buckley.James@cleanharbors.com
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Liz
Merritt
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VP Investor Relations
& Corporate Comm.
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Nuverra Environmental
Solutions, Inc.
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480-878-7452
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Liz.Merritt@nuverra.com
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SOURCE Nuverra Environmental Solutions