Swisher Hygiene Inc. ("Swisher Hygiene") (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired Express Restaurant Equipment Service, Inc. ("Express Service"), an Idaho-based hygiene and chemicals company.
Express Service has been in business since 1993 and serves the Idaho, Utah, Oregon and Wyoming markets. Express Service provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care to the foodservice, hospitality and healthcare industries. Its products are delivered mainly by its employees, as well as through its distributor partners. Concurrent with the acquisition, Bob Boyd, the founder of Express Service, has been appointed Swisher Hygiene's Distributor Sales Manager and Swisher Hygiene will be offering positions to all Express Service employees.
"We continue to look for the best opportunities to build upon our Western presence, and adding Express Service to the Swisher Hygiene family is a prime example of this," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Bob's 30+ years of experience in the industry will allow Swisher Hygiene to capitalize on his expertise as we continue the rapid growth of our warewash, laundry, cleaning chemical and facility service businesses."
Total consideration paid by Swisher Hygiene in connection with the acquisition includes $600,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 412,444 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.