Dive Brief:
- Vertex Energy Inc., headquartered in Houston, TX, announced the acquisition of Heartland Group Holdings LLC for $16.5 million.
- Columbus, OH-based Heartland handles used petroleum collection and recycling. In addition to oil services, assets included in the deal are refining operations, 21 vehicles, and five locations across four states.
- The purchase helps position Vertex, a hydrocarbon aggregation, recycling, and processing firm, for increased growth in 2015, according to Benjamin Cowart, chairman and CEO of Vertex.
Dive Insight:
The selling price includes $8 million in conditional payments provided that the company meets earnings requirements before EBITDA parameters set for the second year after the acquisition are finalized.
In addition, Cowart purchased $1.5 million in securities directly from Heartland, which accounts for 488,598 shares of common stock, and the option to purchase 219,868 shares in a five-year term.