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RUTLAND, Vt., June 06, 2019 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (NASDAQ: CWST), a regional vertically integrated solid waste, recycling and resource management services company, announced today that it has acquired three solid waste businesses with hauling, transfer and recycling operations in Maine, Massachusetts, and Vermont. All transactions closed in May 2019.
The Company acquired the assets of D & E Rubbish Removal, Inc., the assets of Bin Dump’n Trash, and the stock of TAM, Inc. and its wholly owned and related subsidiaries. In total, the Company expects to generate approximately $11.5 million of annualized revenues from these acquisitions.
“We are excited about these acquisitions, as the operations will integrate well with our existing assets and over time will allow us to build further route density, drive operational efficiencies, and internalize additional waste,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We look forward to continuing to provide excellent service to their customers and we welcome their hardworking employees to our team.”
“We continue to make great progress with our acquisition efforts in 2019, and with these acquisitions we have acquired roughly $18.5 million of annualized revenues year-to-date,” Casella said. “Our acquisition pipeline remains robust with over $30.0 million of annual revenues under letter of intent that we expect to close by the end of the third quarter, and we continue to be focused on efforts to drive cash flow growth across our footprint through disciplined strategic growth.”
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States. For further information, investors should contact Ned Coletta, chief financial officer at (802) 772-2239, and media should contact Joseph Fusco, vice president at (802) 772-2247, or visit the company’s website at http://www.casella.com.
Safe Harbor Statement
Certain matters discussed in this press release, including, but not limited to, the statements regarding the benefits of the completed acquisitions and the size of the Company’s acquisition pipeline, are "forward-looking statements". These forward-looking statements can generally be identified as such by the context of the statements, including such as “believe,” “expect,” “anticipate,” “plan,” “may,” “would,” “intend,” “estimate,” "will," “guidance” and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management’s beliefs and assumptions. The Company cannot guarantee that it actually will achieve the plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company’s operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements. Such risks and uncertainties include or relate to, among other things: the expected financial benefits from the Company’s acquisitions may not be achieved in a timely manner or at all; the Company may not consummate the transactions reflected in its acquisition pipeline; and competitive or economic factors outside of the Company’s control may impact revenue and costs.
There are a number of other important risks and uncertainties that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, “Risk Factors” in the Company's Form 10-K for the fiscal year ended December 31, 2018, and in other filings that the Company may make with the Securities and Exchange Commission in the future.
The Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Chief Financial Officer