Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading full-service hygiene solutions provider, today announced that it has acquired IPABE, Inc. (d/b/a as Total Services) ("Total Services"), a Puerto Rico-based hygiene and chemicals company.
Total Services has been in business since 2003 and provides specialty chemicals and service programs such as warewash, laundry, housekeeping and floor care to the foodservice, hospitality and healthcare industries, with its products delivered by its employees. Concurrent with the acquisition, Jerry Jimenez, the Founder and President of Total Services, has been appointed Swisher Hygiene's General Manager for Puerto Rico and Swisher Hygiene will be offering positions to all Total Services employees.
"We are very excited to establish a presence in the Caribbean with the addition of Total Services to the Swisher Hygiene family," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Jerry's 20+ years of experience in the industry and in Puerto Rico will give Swisher Hygiene a wealth of expertise and strong management in the region 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 $200,000 in cash, the assumption of certain liabilities and the issuance of a convertible promissory note which may be converted into a maximum of 107,143 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange.