09.27.11
Swisher Hygiene Inc. has acquired the assets and certain liabilities of Try-Chem Services, LLC and Masterchem Services Corp., both Illinois-based hygiene and chemicals companies. Under terms of the agreement, Swisher Hygiene paid i$385,000 in cash, the assumption of certain liabilities, and the issuance of a convertible promissory note which may be converted into a maximum of 75,000 shares of common stock subject to customary restrictions, including acceptance by the Toronto Stock Exchange. This purchase by Swisher follows its recent acquistion of Daley International, a Chicago-based player in the I&I sector.
Try-Chem and Masterchem cover the greater Chicago area and adjacent markets and provide a complete range of warewash, laundry and specialty chemicals and service programs to the foodservice and hospitality industries. Concurrent with the acquisitions, Lawrence Gempp, the owner of Try-Chem, and Ralph Sirianni and Jack Caplan, the owners of Masterchem, will be joining Swisher Hygiene.
"In the past month, we have significantly increased our coverage of the Chicago market with these acquisitions and the repurchase of our former Chicago franchise," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "In addition, we have expanded our local manufacturing capabilities with last week's acquisition of the majority of assets of Daley International. We are very pleased to provide additional avenues to cross-sell our full service offerings to potentially new and currently existing customers."
Try-Chem and Masterchem cover the greater Chicago area and adjacent markets and provide a complete range of warewash, laundry and specialty chemicals and service programs to the foodservice and hospitality industries. Concurrent with the acquisitions, Lawrence Gempp, the owner of Try-Chem, and Ralph Sirianni and Jack Caplan, the owners of Masterchem, will be joining Swisher Hygiene.
"In the past month, we have significantly increased our coverage of the Chicago market with these acquisitions and the repurchase of our former Chicago franchise," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "In addition, we have expanded our local manufacturing capabilities with last week's acquisition of the majority of assets of Daley International. We are very pleased to provide additional avenues to cross-sell our full service offerings to potentially new and currently existing customers."