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Heckmann Corporation has signed an agreement to acquire Thermo Fluids Inc. (TFI), an environmental services and waste-recycling solutions company that focuses primarily on the collection and recycling of used motor oil. The acquisition will expand Heckmann’s total environmental solutions offering and diversify the company’s operations by revenue, geography and customer base.
“Our focus to date has been on total water and wastewater solutions for the shale oil and gas industry,” said Richard J. Heckmann, chairman and chief executive officer of Heckmann Corporation. “TFI’s business expands our strategy to provide total environmental services to our customers. This acquisition diversifies our revenue stream and extends our oil industry offering to include services for virgin and reprocessed oil.”
Headquartered in Scottsdale, Ariz., TFI has operations throughout the western United States, with 31 facilities, a fleet of approximately 290 trucks, more than 190 railcars and more than 230 employees. Its customers include Walmart, Penske, Jiffy Lube, Halliburton, Peabody Energy, ConocoPhillips and CEMEX.
In 2011, TFI processed and sold approximately 54 million gallons of reprocessed fuel oil to more than 250 customers. The company is expected to generate between $105 and $115 million in revenue for the nine-month period following the closing of the transaction.
“We believe Heckmann is an ideal strategic partner for our business,” stated James Devlin, chief executive officer of TFI. “Both TFI and Heckmann are in growth modes, and our services complement and expand on Heckmann’s water solutions offering for the oil and gas industry.”