Swisher Hygiene Inc SWSH

Swisher Hygiene Acquires Goldman Management Associ

[JoeBaggs]

Looks like SWI has picked up one of the final six or so outstanding franchises.  If I recall, Steve Berrard hinted that these were the most profitable and also the most expensive acquisitions to be made in the consolidation of all franchise buy-backs.  This acquisition should increase SWI presence in the Bay area.  
I think the other two large buy-backs are in Chicago and LA?  I wonder how long that will take?


I wish they would have given some indication of the annual revenue to be expected from these businesses? It should be significant considering the price of the acquisition (~$8 million).


Also, has anyone been keeping track of the total number of shares outstanding?  I think it should be around 
~120-130 million? 


Thanks in advance










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06:13 EST Monday, Mar 28, 2011

CHARLOTTE, N.C., March 28, 2011 (GLOBE NEWSWIRE) 
-- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the hygiene and chemical business of Goldman Management Associates, Inc. ("Goldman"), its San Jose and Modesto, California franchisee, and certain assets related to the warewashing and laundry business of En-Viro Solutions Hawaii, LLC ("En-Viro"), a chemical service provider in Hawaii.
Goldman has been a leading Swisher Hygiene franchisee since 1994, with Milt Goldman, the original franchisee, welcoming his son Lee Goldman into the business in 2006. The Goldman franchise encompasses much of north-central California, extending from Modesto in the valley to Monterey on the coast and including the San Jose and East Bay markets.
The purchase of the En-Viro assets reunites them with the Pacific Northwest operations of En-Viro Solutions, Inc. that Swisher Hygiene acquired in January 2011 and provides Mike Lezon, the founder of the En-Viro companies, an enhanced platform to oversee in the role he assumed in January as Distributor Sales Manager.
"We are excited to bring our latest acquisitions into the Swisher Hygiene family, which reflect our commitment to servicing customers throughout the United States," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Milt Goldman and Lee Goldman are consummate professionals and have been respected leaders in the Swisher Hygiene franchise community for a number of years. Their advice and counsel will be missed. I would like to thank them for their years of dedicated service to the Swisher Hygiene brand and wish them and their families much luck in the future. Our Hawaii expansion is a logical outgrowth of the opportunity to provide chemical and hygiene services in one of the leading global hospitality markets."
Total consideration paid for by Swisher Hygiene in connection with the acquisitions includes up to $1,190,000 in cash, the assumption of certain liabilities and the issuance of up to 933,333 shares of common stock of Swisher Hygiene including shares of common stock issuable under a convertible secured promissory note which is subject to certain restrictions, including acceptance by the Toronto Stock Exchange.