This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

VeroLube Enters Into Agreement To Acquire Thermo Fluids From Nuverra Environmental Solutions For $175 Million

VeroLube, Inc. (“VeroLube” or the “ Company”), announces today the signing of a definitive agreement to acquire Thermo Fluids, Inc. (“Thermo Fluids”) through its wholly owned subsidiary VeroLube USA, Inc. Thermo Fluids, a standalone subsidiary of Nuverra Environmental Solutions, Inc. (“Nuverra”) – (NYSE:NES) based in Scottsdale, Arizona, is the largest western used oil collector and the third-largest collector of used motor oil in the U.S. Thermo Fluids collects approximately 50 million gallons of used motor oil annually from a diverse base of more than 20,000 locations.

Under the terms of the definitive agreement, VeroLube will pay Nuverra $165 million in cash and $10 million in VeroLube common stock. The cash portion of the transaction is subject to adjustment based on the actual working capital conveyed at closing. The sale is expected to close in the second quarter of 2014, subject to customary conditions, including regulatory approval and final confirmatory legal and environmental due diligence.

VeroLube has engaged Canaccord Genuity Corp in Canada, the U.S. and the United Kingdom as its exclusive investment banker to facilitate the financing of the transaction, as well as the construction of the initial two used oil re-refineries to be located on the Gulf Coast and East Coast of the U.S., and additional acquisitions of used oil collection companies.

Through this acquisition, VeroLube plans to retain the Thermo Fluids head office in Scottsdale, Arizona and sees tremendous value in the management and staff of Thermo Fluids as a vital and integral part of VeroLube’s expansion plan.

“Thermo Fluids provides VeroLube with a significant platform and immediate scale to expand our business and execute on our consolidation strategy. The acquisition provides proven and strong leadership in the used oil collection and re-refining business and brings vast industry experience as VeroLube executes its business strategy,” said Mr. Terry Lyons, Chairman of the Board.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs