08.18.10
Swisher International, Inc., a full-service hygiene solutions provider based in Charlotte, NC, is merging withCoolBrands International Inc.The transaction is expected to close by Nov. 30.
Swisher was founded in 1986 to deliver manual restroom cleaning and sanitizing services to restaurants, retailers, institutions and other businesses. The company was purchased by Wayne Huizenga and Steve Berrard in 2004. Today it is a full-service provider of hygiene, cleaning and facility service solutions, and its business model seeks to generate recurring revenue through the ongoing delivery of these solutions through its company-owned facilities, franchises and distributor partners.
As part of the merger, Huizenga will serve as chairman of the board of directors of the combined company, and Berrard will also serve as a board member and as the company's chief executive officer.
Huizenga and Berrard have built a number of successful enterprises, including Blockbuster Entertainment, which they sold for $8.4 billion in 1994, and AutoNation.
"I am very excited to be returning to the public arena in order to further develop Swisher as a major provider of warewash, laundry, cleaning chemical and facility service solutions for the foodservice, healthcare, retail and industrial sectors," said Huizenga. "Swisher is a route-based, recurring revenue business that has many of the same attributes of companies we built over our careers."
"We have been reviewing many opportunities for the past couple of years, looking for the right one to pursue," said Michael Serruya, president and chief executive officer of CoolBrands. "With the clear growth potential of Swisher, and with Wayne and Steve on board bringing their established expertise and track record in developing successful enterprises that reward shareholders, I am confident that we have found the right opportunity for our shareholders that will provide long-term value."
"Over the past few years, we have built the foundation and infrastructure at Swisher through significant investments in new management systems and expanded product lines, and we believe now is the time to take advantage of this scalable platform to fuel future growth," said Berrard. "As we look at the hygiene, chemical and facility service sectors both in North America and overseas, we see tremendous opportunities for further organic growth as well as strategic acquisitions to further leverage our platform. By joining with CoolBrands and leveraging its status as a public company and its strong financial liquidity, we will be able to act decisively and quickly to realize Swisher’s potential."
According to Berrard, CoolBrands provides Swisher with"the perfect opportunity to bring Swisher into the public realm and help firmly establish its national footprint. "Wayne and I are thrilled to be working with the Serruyas, who bring extensive experience in international franchise development to the combined company. We will work together with the Serruyas to take advantage of the numerous opportunities for new growth."
Swisher has 66 offices throughout North America, with 15 franchises located in North America and 10 master licensees operating internationally.
Swisher was founded in 1986 to deliver manual restroom cleaning and sanitizing services to restaurants, retailers, institutions and other businesses. The company was purchased by Wayne Huizenga and Steve Berrard in 2004. Today it is a full-service provider of hygiene, cleaning and facility service solutions, and its business model seeks to generate recurring revenue through the ongoing delivery of these solutions through its company-owned facilities, franchises and distributor partners.
As part of the merger, Huizenga will serve as chairman of the board of directors of the combined company, and Berrard will also serve as a board member and as the company's chief executive officer.
Huizenga and Berrard have built a number of successful enterprises, including Blockbuster Entertainment, which they sold for $8.4 billion in 1994, and AutoNation.
"I am very excited to be returning to the public arena in order to further develop Swisher as a major provider of warewash, laundry, cleaning chemical and facility service solutions for the foodservice, healthcare, retail and industrial sectors," said Huizenga. "Swisher is a route-based, recurring revenue business that has many of the same attributes of companies we built over our careers."
"We have been reviewing many opportunities for the past couple of years, looking for the right one to pursue," said Michael Serruya, president and chief executive officer of CoolBrands. "With the clear growth potential of Swisher, and with Wayne and Steve on board bringing their established expertise and track record in developing successful enterprises that reward shareholders, I am confident that we have found the right opportunity for our shareholders that will provide long-term value."
"Over the past few years, we have built the foundation and infrastructure at Swisher through significant investments in new management systems and expanded product lines, and we believe now is the time to take advantage of this scalable platform to fuel future growth," said Berrard. "As we look at the hygiene, chemical and facility service sectors both in North America and overseas, we see tremendous opportunities for further organic growth as well as strategic acquisitions to further leverage our platform. By joining with CoolBrands and leveraging its status as a public company and its strong financial liquidity, we will be able to act decisively and quickly to realize Swisher’s potential."
According to Berrard, CoolBrands provides Swisher with"the perfect opportunity to bring Swisher into the public realm and help firmly establish its national footprint. "Wayne and I are thrilled to be working with the Serruyas, who bring extensive experience in international franchise development to the combined company. We will work together with the Serruyas to take advantage of the numerous opportunities for new growth."
Swisher has 66 offices throughout North America, with 15 franchises located in North America and 10 master licensees operating internationally.