OLD ORCHARD BEACH, Maine — Casella Waste Systems Inc. has purchased Blow Bros. Inc., based in Old Orchard Beach, in a cash and stock deal worth more than $20 million.
Blow Bros., or BBI, is a $20 million company with seven locations that provides solid and liquid waste collection and transfer services in New Hampshire and Maine. Many know the company because of its Porta Potties and slogan: “We’re #1 in the #2 Business.”
Rutland, Vt.-based Casella acquired the outstanding capital stock of BBI for up to $20 million in cash plus 625,000 shares of Casella’s Class A Common Stock, according to a media release. Casella paid $18 million up front, with an additional $2 million to be paid if the business meets pre-set revenue goals.
The acquisition, which closed on Dec. 6., will allow Casella to expand its waste collection and transportation services.
“The BBI team has built an exceptional solid waste company that is well regarded by its municipal, commercial and residential customers,” John W. Casella, chairman and CEO of Casella, said in a statement. “BBI’s operations overlay well with our footprint in New Hampshire and Maine, and we expect the acquisition to drive incremental value from our existing operations and provide a growth platform in several new market areas.”
Blow Bros. collects and transfers roughly 105,000 tons of solid waste and recyclables a year, and Casella expects to process up to 80 percent at its facilities, Casella said.