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CHARLOTTE, N.C., May 5, 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 agreed to combine its Northwest operations with Mt. Hood Solutions ("Mt. Hood"), the leading independent hygiene and chemical provider in the Northwest. It is expected that the combination will provide even greater service and products to the commercial customers of Swisher Hygiene and Mt. Hood.
Mt. Hood has been in business since 1902, when it was known as Mt. Hood Soap and Soda Company, and serves over 4,000 commercial and industrial customers in Oregon, Washington, Northern California, Idaho, Utah and Colorado through its more than 100 employees by offering a complete range of specialty chemicals and service programs to the foodservice, hospitality and healthcare industries, including warewashing, general cleaning, laundry and housekeeping services, as well as a line of products for manufacturing companies including industrial and water treatment products. Mt. Hood's 85,000 square-foot plant, located at its headquarters in Portland, Oregon, manufactures a variety of sustainable, environmentally-friendly items for the hospitality, foodservice, healthcare and manufacturing industries, while priding itself on its innovative capabilities to anticipate the needs of its customers. Mt. Hood has a strong and well-respected management team, led by President Tom Mulflur and Executive Vice President Mike Mulflur, with over a century of experience in the specialty chemical industry.
The entire Mt. Hood team is expected to join Swisher Hygiene upon completion of the transaction, with Tom Mulflur remaining as President of the Mt. Hood subsidiary and overseeing the combined Mt. Hood and Swisher Hygiene chemical operations in the Northwest. Mike Mulflur, Mount Hood's regional managers and Swisher Hygiene's existing management team in the Northwest will be managing the day-to-day operations of both companies' chemical, hygiene and water treatment operations.
"We are excited to be combining forces with Mt. Hood, to become the pre-eminent hygiene and sanitation presence in the Northwest," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "Mt. Hood has a wonderful history going back 110 years and a solid revenue base. The newly combined operations will greatly broaden our hygiene and chemical offerings in the Northwest and Northern California regions – which includes the Portland, San Francisco, Seattle, Denver, Salt Lake City and Sacramento markets – as well as further enhance our ability to service national accounts across North America. Mt. Hood also brings to Swisher Hygiene a powerful management team that has more than ably continued the legacy of the Mt. Hood Soap and Soda Company, and we look forward to working with the entire Mt. Hood team."
"We are pleased to be joining with Swisher Hygiene in building the leading hygiene and chemical presence in the Northwestern U.S. and Northern California," said Tom Mulflur. "We have provided our customers with the best service and innovative products for 110 years, and this new business combination will only enhance our current service and product features without providing any disruption to current operations. The full service culture that is ingrained at Mt. Hood will be right at home with Swisher Hygiene's full service solutions, and we both have always placed the customer first. I look forward to working with Steve as we continue to build Swisher Hygiene into a major provider of essential hygiene and sanitation services."
Swisher Hygiene Acquires American Chemical Concepts, Inc. and Chem Serve, Inc.
In addition to the Mt. Hood transaction, Swisher Hygiene today announced that it has acquired American Chemical Concepts, Inc. ("American Chemical"), a Virginia-based hygiene and chemicals company, and Chem Serve, Inc. ("Chem Serve"), a California-based hygiene and chemicals company.
American Chemical serves the Eastern and Central Virginia markets and provides specialty chemicals and warewash service programs to the foodservice and hospitality industries. Concurrent with the acquisition, both John Lockwood and Brian Lockwood, the owners of American Chemical, will be joining Swisher Hygiene.
Chem Serve serves the San Luis Obispo and central coast of California markets and provides specialty chemicals and warewash service programs to the foodservice and hospitality industries. Concurrent with the acquisition, Brent Wood, the owner of Chem Serve, will be joining Swisher Hygiene.
"We received an opportunity to expand our East Coast presence in Virginia and our robust California footprint, and we were pleased to be able to add American Chemical and Chem Serve to Swisher Hygiene," said Mr. Berrard. "We are happy to add John, Brian and Brent's knowledge and experience to the Swisher Hygiene team as we continue the rapid growth of our warewash and chemical cleaning businesses."
Total consideration to be paid by Swisher Hygiene for the transactions will include approximately US$22.3 million in cash, the assumption of certain liabilities and the issuance of up to 1,960,686 shares of its common stock. The agreements are subject to customary closing conditions and receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange with respect to the shares to be issued in the transactions. Upon satisfaction of all conditions, it is expected that the transactions will be completed no later than May 16, 2011