On Friday August 26, 2011, Swisher Hygiene Inc (NASDAQ:SWI), a NASDAQ and TSX listed company, concerned with the provision of essential hygiene and sanitation products and services, announced its acquisition of assets and certain liabilities of a Minnesota-based hygiene and chemicals company, Professional Service & Supply, Inc.(Pro-Serve). Accompanying the acquisition, Troy Elliott, the owner of Pro-Serv, will be joining Swisher Hygiene.
The said acquisition cost the Swisher Hygiene, an investment of $450,000 cash in total. The company’s further objectives includes the assumption of certain liabilities, the issuance of 62,000 shares of Swisher Hygiene common stock and a convertible promissory note which is expected to be converted into a maximum of 101,625 shares of Common Stock subject to customary restrictions and approval by the Toronto Stock Exchange.
Professional Service & Supply, Inc. serves the greater Minneapolis area and adjacent markets, providing a complete range of specialty chemicals and service programs to the foodservice and hospitality industries, comprising of warewashing and on-premise laundries.
Steven R. Berrard, Chief Executive Officer of Swisher Hygiene, exclaimed that they are glad to acquire Pro-Serv’s customer base and expertise, which they believe will effectively contribute to the expansion of their name and business in the specialty chemical industry, thereby providing additional opportunities to cross-sell their full service offerings to their new and existing customers.
Shares of SWI climbed 0.26% to $3.82.
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