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August 7, 2014
16:58 EDTCODICompass Diversified acquires Clean Earth Holdings for $243M
Compass Diversified Holdings announced that on August 7 it entered into an agreement to acquire Clean Earth Holdings. The acquisition is expected to close by the end of August. Clean Earth provides environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings. For the year ended December 31, 2013, Clean Earth reported revenue of approximately $155.9M. The purchase price for Clean Earth will be based on a total enterprise value of $243M and will also include cash and working capital adjustments upon closing. Clean Earth generated approximately $32M of EBITDA for the last twelve months ending June 30, 2014. In addition, Clean Earth incurs between approximately $4M-$5M in annual maintenance capital expenditures. CEO Alan Offenberg said, "This attractive platform acquisition, which will increase the current number of businesses we own to eight upon closing, in addition to a 41% ownership interest in FOX, is expected to provide approximately 28c-32c per share of cash flow accretion on a full year basis."
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