NRC Group Completes Acquisition of Organic Incineration Technology, Inc.
07 Mayo 2019 - 3:05PM
Business Wire
- The Acquisition Expands NRC Group’s Broad
Suite of Environmental, Waste Management and Emergency Response
Services -
NRC Group Holdings Corp. (NYSE American: NRCG) (“NRCG” or the
“Company”), a global provider of a wide range of environmental,
compliance and waste management services, today announced that on
April 26, 2019, it completed the previously announced acquisition
of the assets and business of Organic Incineration Technology, Inc.
(“OIT”). Based in North Pole, Alaska, OIT provides thermal
treatment options for the safe disposal of materials such as
non-hazardous petroleum contaminated soils, absorbent pads and
sludges, and the treatment of Per- and Polyfluoroalkyl
substances.
Founded in 1990, owner Mark Sanford has built OIT into a trusted
service provider in the Fairbanks area. The OIT facility in Moose
Creek, Alaska, has full containment capabilities with the ability
to fully process all waste product on-site. In addition to waste
treatment and disposal services, OIT offers transportation and
other specialized environmental services.
NRCG’s Alaskan operations (“NRCG Alaska”) focus on recycling and
environmental services. The acquisition of the business and assets
of OIT adds to NRCG Alaska’s waste treatment and disposal
capabilities across the state. They offer a broad range of waste
management services ranging from recycling glycol products by
fractional distillation, used oil and petroleum by-products
recycling/energy recovery, emergency spill response and clean-ups,
and the transportation and disposal of both non-hazardous and
hazardous waste for industrial, marine, automotive and government
clients.
The acquisition reflects OIT’s continued dedication to provide
the highest quality thermal treatment services and demonstrates
NRCG’s expanding capability and ability to offer global resources
and expertise to the Alaskan market. The addition of OIT's business
significantly increases NRCG Alaska’s statewide footprint and
expands its full line of compliance-based waste treatment and
environmental related services.
Blake Hillis, senior vice president of NRCG Alaska, stated,
“This acquisition enhances our capabilities to provide our core
suite of services to both our public and private sector clients,
providing them with greater service coverage across their entire
business. As a result, NRCG Alaska now provides a broader suite of
treatment, recycling, and disposal services than any other company
in our market segments.”
Mark Sanford, OIT’s manager of thermal remediation services,
commented, “We are excited to join NRCG, which will allow us to
grow our service offerings in the treatment and remediation of
contaminated soil. We will continue to provide our long-term
established clients with cost‐effective solutions for their soil
treatment needs while contributing to, and benefiting from, NRCG’s
strong national presence.”
The asset purchase consisted of an initial cash payment of $6.0
million and includes an additional $2.0 million deferred
consideration payable in cash, common stock of the Company, or a
combination of the two, and up to an additional $5.0 million in
earn-out payments over the next three years based on certain
financial milestones.
About NRCG
NRCG is a global provider of a wide range of environmental,
compliance and waste management services. NRCG’s broad range of
capabilities and global reach enable it to meet the critical, and
often non-discretionary, needs of more than 5,000 customers across
diverse end markets to ensure compliance with environmental, health
and safety laws and regulations around the world. NRC Group, a
wholly owned subsidiary of NRCG, was established in June 2018
through the combination of two businesses, National Response
Corporation and Sprint Energy Services, both previously operating
separately under the ownership of investment affiliates of J.F.
Lehman & Company. For more information, please visit
www.nrcg.com. No portion of the website referenced in this
paragraph is incorporated by reference into or otherwise deemed to
be a part of this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190507005907/en/
Media Contact:NRC Group Holdings Corp.Lou
O’Brien1-215-518-8979louobrien@nrcc.com
Investor Contact:Gateway Investor RelationsCody Slach or
Jared Filippone, CFA1-949-574-3860NRCG@gatewayir.com
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