Jan 12 2011
Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired En-Viro Solutions, Inc. ("En-Viro Solutions"), a Seattle-based hygiene and chemicals company.
En-Viro Solutions has been in business since 2006 and serves the Pacific Northwest region of Washington, Oregon and Northern Idaho. En-Viro Solutions provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care to the foodservice, hospitality and healthcare industries and its products are delivered mainly through its distributor partners. Concurrent with the acquisition, Michael Lezon, the founder of En-Viro Solutions, has been appointed Swisher Hygiene's Distributor Sales Manager and Swisher Hygiene will be offering positions to all of En-Viro Solutions' employees.
"We continue to look for the optimal companies to add to the Swisher Hygiene family and are excited to bring En-Viro Solutions on board as we further expand our Pacific Northwest presence," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Michael has over 30 years of experience in the industry, and his addition to Swisher Hygiene will be a major boost to our distribution sales as we continue the rapid growth of our warewash, laundry, cleaning chemical and facility service businesses."
Total consideration paid for by Swisher in connection with the acquisition includes $1,000,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 374,263 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange. In addition, En-Viro Solutions is eligible for earn-out compensation based on specific sales-related metrics.