Casella Waste Systems, Inc. Completes Acquisition of Consolidated Waste Services, LLC Assets
September 05 2023 - 8:15AM
Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste,
recycling, and resource management services company, announced that
it completed the acquisition of the collection, transfer, and
recycling assets of Consolidated Waste Services, LLC and its
affiliates (dba “Twin Bridges”) on September 1, 2023. The purchase
price of the acquisition was approximately $219 million and was
funded through proceeds from the Company’s equity offering
completed on June 16, 2023.
The acquisition includes two hauling operations, one transfer
station, and one material recovery facility in the greater Albany,
New York market, and is expected to generate total annualized
revenues of approximately $70 million.
“We believe that Twin Bridges fits well with our operations and
provides a solid strategic platform to grow our services in this
market. Twin Bridges was built on delivering quality service to its
customers, and we are intently focused on continuing this
commitment,” said John W. Casella, Chairman and CEO of Casella
Waste Systems, Inc. “We would like to welcome Twin Bridges’
hardworking team members to Casella, and we are excited to serve
our new customers.”
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont,
provides resource management expertise and services to residential,
commercial, municipal, institutional and industrial customers,
primarily in the areas of solid waste collection and disposal,
transfer, recycling and organics services in the eastern United
States. For further information, investors contact Jason Mead,
Senior Vice President of Finance and Treasurer at (802) 772-2293;
media contact Jeff Weld, Director of Communications at (802)
772-2234; or visit the Company’s website at
http://www.casella.com.
Safe Harbor Statement
Certain matters discussed in this press release, including but
not limited to, the statements regarding our intentions, beliefs or
current expectations concerning, among other things, projections as
to the anticipated benefits of this acquisition; and the
anticipated impact of this acquisition on the Company’s business
and future financial and operating results are "forward-looking
statements". These forward-looking statements can generally be
identified as such by the context of the statements, including
words such as “believe,” “expect,” “anticipate,” “plan,” “may,”
“would,” “intend,” “estimate,” “will,” “guidance” and other similar
expressions, whether in the negative or affirmative. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which the Company operates and management’s beliefs and
assumptions. The Company cannot guarantee that it actually will
achieve the financial results, plans, intentions, expectations or
guidance disclosed in the forward-looking statements made. Such
forward-looking statements, and all phases of the Company’s
operations, involve a number of risks and uncertainties, any one or
more of which could cause actual results to differ materially from
those described in its forward-looking statements.
Such risks and uncertainties include or relate to, among other
things, the following: the Company may not fully recognize the
expected strategic and financial benefits from the acquisition due
to an inability to recognize operational cost savings, market
factors, landfill internalization benefits, or due to competitive,
economic or other factors outside its control which may impact
revenue and costs; and the Company may be unable to achieve its
2024 strategic plan due to unrealized development projects,
competition for attractive targets, or an inability to reach
agreement with potential targets on pricing or other terms.
There are a number of other important risks and uncertainties
that could cause the Company’s actual results to differ materially
from those indicated by such forward-looking statements. These
additional risks and uncertainties include, without limitation,
those detailed in Item 1A. “Risk Factors” in the Company’s most
recently filed Form 10-K for the fiscal year ended December 31,
2022, and in other filings that the Company may make with the
Securities and Exchange Commission in the future.
The Company undertakes no obligation to update publicly any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
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