Perma-Fix Environmental Services Inc., a national environmental services company providing unique mixed waste and industrial waste management services, today announced it will acquire Safety and Ecology Holdings Corp. (SEC) from Homeland Security Capital Corp. for approximately $24.5 million.
SEC specializes in the remediation of nuclear materials for the U.S. Department of Energy, U.S. Department of Defense, as well as other federal agencies. In 2010 the company generated approximately $86.0 million in revenue and $3.3 million in net income. Perma-Fix said it expects the acquisition will be accretive to earnings, excluding any one-time acquisition-related expenses.
Perma-Fix chairman and CEO Dr. Louis F. Centofanti said the SEC acquisition will enhance Perma-Fix’s market position and nuclear service capabilities.
“The acquisition of SEC dramatically expands our nuclear services capabilities. On a combined basis, we can now offer customers, both government and commercial, one of the broadest and most comprehensive end-to-end nuclear waste solutions in the industry,” Dr. Centofanti stated in the press release. “We believe that this expansion of our nuclear service capabilities, coupled with our existing nuclear waste treatment expertise, clearly places us at the forefront of the industry and should enhance our value to our customers and our shareholders. SEC brings a highly qualified management team who we feel will integrate well and complement our current management.”
For SEC, the deal will create a solid base to expand its solutions.
“We are excited to become a part of Perma-Fix Environmental Services, a true leader and innovator in the nuclear services industry. As we unite through this transaction, our technologies and capabilities provide a much broader platform from which to grow the business, offering complete solutions to our customers,” Christopher Leichtweis, CEO of SEC, stated.
Perma-Fix will pay Homeland $22.0 million in cash, along with a three-year unsecured $2.5 million promissory note with a 6 percent annual interest rate. The acquisition is expected to be completed during the third quarter of 2011.
For more information visit www.perma-fix.com