Casella Waste Systems Acquires Three Solid Waste Businesses
June 06 2019 - 9:05AM
Casella Waste Systems, Inc. (NASDAQ: CWST), a regional vertically
integrated solid waste, recycling and resource management services
company, announced today that it has acquired three solid waste
businesses with hauling, transfer and recycling operations in
Maine, Massachusetts, and Vermont. All transactions closed in
May 2019.
The Company acquired the assets of D & E Rubbish Removal,
Inc., the assets of Bin Dump’n Trash, and the stock of TAM, Inc.
and its wholly owned and related subsidiaries. In total, the
Company expects to generate approximately $11.5 million of
annualized revenues from these acquisitions.
“We are excited about these acquisitions, as the operations will
integrate well with our existing assets and over time will allow us
to build further route density, drive operational efficiencies, and
internalize additional waste,” said John W. Casella, Chairman and
CEO of Casella Waste Systems, Inc. “We look forward to
continuing to provide excellent service to their customers and we
welcome their hardworking employees to our team.”
“We continue to make great progress with our acquisition efforts
in 2019, and with these acquisitions we have acquired roughly $18.5
million of annualized revenues year-to-date,” Casella said. “Our
acquisition pipeline remains robust with over $30.0 million of
annual revenues under letter of intent that we expect to close by
the end of the third quarter, and we continue to be focused on
efforts to drive cash flow growth across our footprint through
disciplined strategic growth.”
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont,
provides solid waste management services consisting of collection,
transfer, disposal, and recycling services in the northeastern
United States. For further information, investors should
contact Ned Coletta, chief financial officer at (802) 772-2239, and
media should contact Joseph Fusco, vice president at (802)
772-2247, 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 the benefits of the
completed acquisitions and the size of the Company’s acquisition
pipeline, are "forward-looking statements". These
forward-looking statements can generally be identified as such by
the context of the statements, including 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 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 expected
financial benefits from the Company’s acquisitions may not be
achieved in a timely manner or at all; the Company may not
consummate the transactions reflected in its acquisition pipeline;
and competitive or economic factors outside of the Company’s
control may impact revenue and costs.
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 Form 10-K for the fiscal year ended December 31,
2018, 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.
Investors:Ned ColettaChief Financial Officer(802) 772-2239
Media:Joseph FuscoVice President (802) 772-2247
http://www.casella.com
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