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Casella Waste Systems Inc Announces Acquisition Of BBI


Thursday, 6 Dec 2012 05:35pm EST 

Casella Waste Systems Inc announced that it has acquired all of the outstanding capital stock of Blow Bros. (d/b/a Bestway Disposal Services and BBI Waste Industries) (BBI), for a total consideration of up to $20.0 million in cash plus 625,000 shares of the Company's Class A Common Stock. The acquisition closed December 6, 2012. The transaction was structured as a stock purchase agreement for consideration of $20.0 million in cash and 625,000 shares of the Company's Class A Common Stock, with $18.0 million of the cash proceeds paid at closing and $2.0 million withheld in escrow. Half of the escrow amount will be disbursed contingent upon the business achieving a pre-agreed upon minimum revenue level for the 90 days after the sale and for net working capital adjustments during this same period, and the other half of the escrow amount will be held for 12 months to secure the seller's indemnification obligations and certain expense adjustments to the purchase price. The cash paid to the sellers at the closing was adjusted for indebtedness of BBI. The shares issued to the owners of BBI may not be sold for a period of six months following the closing. 

Company Quote

4.41
-0.09 -2.00%
29 Aug 2014