Tox Free Solutions Limited (TOX) announces that it has signed a binding acquisition agreement with DoloMatrix International Limited under which (subject to the satisfaction of certain conditions precedent) Toxfree will acquire Chemsal, BCD Technologies, Entech Industries and Waste Audit, from DoloMatrix, for $58.0 million. Chemsal and BCD Technologies are leading waste management businesses specialising in waste collection, recycling and destruction services within the hazardous waste sector. Chemsal and BCD Technologies operate facilities in Brisbane, Sydney, Melbourne, Adelaide and Perth. Entech Industries and Waste Audit are environmental consulting businesses.
The acquisition represents an attractive opportunity for Toxfree to expand its services in hazardous waste and enhance its hazardous waste strategy throughout Australia. Chemsal and BCD Technologies operate in an attractive and expanding segment benefiting from a structural shift from landfill towards environmentally sustainable waste treatment and resource recovery.
Steve Gostlow, Managing Director of Toxfree, said, “Chemsal and BCD Technologies will enhance Toxfree’s earnings and asset base, and will position Toxfree as the industry leader in the hazardous waste sector in Australia.“ “Hazardous waste management is an attractive market for Toxfree, with strong growth underpinned by increased processing of hazardous materials and demand for specialist treatment and destruction services.” “Chemsal and BCD Technologies will add significantly to Toxfree’s existing presence in the hazardous waste sector and will materially expand our service offering for clients throughout Australia,” said Steve Gostlow.
Toxfree is acquiring the business assets, PP&E, intellectual property, inventory and trade receivables in the businesses. Toxfree will assume trade creditors and certain employee entitlements, but will not be assuming any of the cash or bank debt within DoloMatrix. Tox Free Solutions Ltd (TOX) is one of the largest integrated waste management, industrial service and environmental businesses in Australia. The Company offers a full range of waste management services through its national network of licensed waste treatment facilities. In addition Toxfree are fast becoming the leaders in onsite industrial services, waste minimisation, resource recovery and total waste management services.