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Capital Environmental Enters Definitive Agreement to Acquire Florida Recycling Services
Burlington, Ontario— Capital Environmental Resource Inc. announced that it, and its wholly owned subsidiary, Waste Services, Inc., have entered into a definitive agreement to acquire all of the issued shares of Florida Recycling Services, Inc. (FRS) for a purchase price of approximately $128 million in cash and the issuance of approximately 3,250,000 common shares.
FRS’s operations are based in Central Florida, primarily servicing Orlando, Daytona, Fort Myers and Tampa areas. Its annual revenue for the year ended December 31, 2002, was approximately $85 million. FRS’s operations consist of 8 collection companies servicing approximately 20,000 commercial and 320,000 residential customers, with approximately 342 vehicles. It also operates two transfer/processing facilities and has a third facility under development.
When FRS is combined with Capital’s existing Florida operations, and the assets to be acquired from Allied Waste Industries, Inc., Capital’s Florida operations will consist of 13 collection companies, 4 landfills, 6 transfer/processing facilities and 4 recycling facilities with approximately 665 vehicles, servicing approximately 35,000 commercial and 550,000 residential customers.
“The FRS acquisition, which complements the assets we are acquiring from Allied, will greatly enhance our presence in additional areas in Central Florida,” said David Sutherland-Yoest, Capital’s Chairman and Chief Executive Officer.