TORONTO - Progressive Waste Solutions Ltd. (TSX:BIN) is buying Florida rival Choice Environmental Services for $123.5 million in cash.
Choice, a subsidiary of Swisher Hygiene (TSX:SWI), is a Fort Lauderdale-based solid waste services company.
"As one of the largest independent waste and recycling service providers in Florida, Choice Environmental brings residential, commercial and industrial collection operations, along with transfer and material recovery facilities, that are well-positioned in southern and central Florida," Progressive vice-chairman and CEO Joseph Quarin said in announcing the deal Friday.
"We are very pleased to add these assets, which strongly complement our existing collection and disposal footprint in Florida, to our growing network."
Choice Environmental generates annual revenue of about $72 million through six collection operations, one municipal solid waste transfer station and one material recovery facility.
Progressive Waste Solutions is one of North America's largest full-service, vertically integrated waste management companies. It provides non-hazardous solid waste collection, recycling and landfill disposal services to commercial, industrial, municipal and residential customers in 13 states and the District of the Columbia in the U.S., and in six provinces in Canadian.