Thermo Fluids and Heckmann Corporation Enter into a Definitive Sale Agreement
Thursday, March 08, 2012
Press Release from NORA Member Thermo Fluids, Inc.
Scottsdale, Ariz. (March 8, 2012) – Thermo Fluids, Inc., a Scottsdale,
Arizona headquartered environmental services company and a closely held
portfolio company of CIVC Partners has entered into a definitive sale agreement
to be acquired by Heckmann Corporation (NYSE: HEK). The transaction is expected
to close, subject to regulatory approvals and other normal and customary
conditions, early in the 2012 second quarter. Upon completion of the
acquisition, Thermo Fluids will operate as a new business segment within
Heckmann Corporation, to be called Heckmann Environmental Services, or HES.
Heckmann Corporation is a service-based company focused on total water
solutions for shale or "unconventional” oil and gas exploration. Through its
water solutions for energy development business segment, also known as Heckmann
Water Resources, or HWR, Heckmann Corporation’s services include water
disposal, trucking, fluids treatment, pipeline transport facilities and water
infrastructure services for oil and gas exploration.
"As part of the Heckmann
Corporation portfolio, we are in a position to enhance our current services,
expand our geographic footprint and continue the growth of our company and the
deep partnerships we share with our customers,” said James Devlin, CEO of
Thermo Fluids. "Heckmann Corporation and Thermo Fluids’ complementary services
will broaden our integrated service offerings to create a more powerful value
proposition to the marketplace. Our continued expansion will create value for
our customers, employees and stakeholders,” added Mr. Devlin.
This acquisition aligns with
Thermo Fluids’ growth strategy, which entails the recent purchase of certain
assets and customers of four environmental service companies throughout the
Western United States since 2010. In 2010, Thermo Fluids acquired Proleum’s
used oil collection business in Arizona. Thermo Fluids later acquired the oil
collection and environmental services arm of Nevada-based Bango Oil, which
increased Thermo Fluids’ market share throughout Nevada. In 2011, Thermo Fluids
acquired the second largest waste management and oil recycling business in
Arizona, Southwest Petroleum. In 2012, Thermo Fluids acquired NEVCO SERVICE,
Inc., an integrated service provider of used oil and antifreeze collection
"We are thrilled with Thermo
Fluids’ capabilities, its impressive customer list and its demonstrated ability
to grow,” said Richard J. Heckmann, Chairman and Chief Executive Officer of
Heckmann Corporation. "We welcome Thermo Fluids’ customers and dedicated
employees to the Heckmann Corporation family.” The operations of Thermo Fluids
will continue to be led by its current leadership team. No workforce changes
are anticipated at this time.
About Thermo Fluids
Thermo Fluids, Inc., a closely held portfolio company of
CIVC Partners, is an environmental services company and the largest producer of
commercial fuel oil from recovered used motor oil in the Western United States.
Headquartered in Scottsdale, Ariz., the company collects and purchases used
motor oil from a large number of companies across a diverse range of
industries, such as quick-lube centers, auto dealerships, mining operations and
industrial companies. In addition to collecting used motor oil, the company
provides a portfolio of environmental services as a "one-stop"
solution to its customers. These other essential services include oily
wastewater collection and processing, spent antifreeze collection and
recycling, and used oil filter collection and disposal. Thermo Fluids
reprocesses and recycles its collected used motor oil into a commercial fuel
product that is sold as an alternative energy source to a variety of industrial
customers. Thermo Fluids has 31 facilities serving the Western United States.
For more information, visit www.thermofluids.com.
# # #