Waste Connections Announces Acquisition Of E.L. Harvey & Sons

Rhea-AI Summary

Waste Connections has acquired E.L. Harvey & Sons, a major family-owned waste services provider in Massachusetts, generating approximately $110 million in annual revenue. This acquisition aims to expand Waste Connections' market position and enhance its employee and customer support culture. Furthermore, Waste Connections announced the closing of one of two acquisitions, adding $50 million in annual revenue from franchise operations in Northern California and Nevada, with another acquisition expected in Oregon, contributing an additional $25 million.

Positive

• Acquisition of E.L. Harvey & Sons adds $110 million in annual revenue.
• Expansion of market position in Massachusetts and Southern New Hampshire.
• Enhancement of company culture and customer support.

Negative

• None.

TORONTO, Sept. 1, 2021 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced that it has acquired E.L. Harvey & Sons Inc. ("Harvey").  With a 110-year history dating back four generations, Harvey is the largest family-owned and operated solid waste services company in Massachusetts, with total annualized revenue of approximately $110 million.  Harvey provides solid waste collection, recycling and transfer services to commercial, industrial, municipal and residential customers primarily in Central and Eastern Massachusetts and Southern New Hampshire.

"The Harvey family has established one of the most respected companies in our industry, and we are honored to welcome Harvey to the Waste Connections family.  Together with their continuing leadership team, we look forward to carrying on the Harvey name and further expanding its market position, as well as enhancing its strong culture of support for its employees, customers and communities," said Worthing F. Jackman, President and Chief Executive Officer.

Waste Connections also announced the closing of one of its two previously announced signed acquisitions, with approximately $50 million of annualized revenue from franchise operations in Northern California and Nevada.  The Company expects the other signed acquisition, a solid waste services provider with approximately $25 million of annualized revenue from franchise operations in Oregon, to close during the fourth quarter.

About Waste Connections

Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, along with resource recovery primarily through recycling and renewable fuels generation.  The Company serves more than seven million residential, commercial and industrial customers in mostly exclusive and secondary markets across 44 states in the U.S. and six provinces in Canada.  Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S., as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.  For more information, visit Waste Connections at www.wasteconnections.com.

Safe Harbor and Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "might," "will," "could," "should" or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable Canadian securities laws. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, the expected contribution from acquisitions and the timing and likelihood of the closing of additional acquisitions.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

CONTACT:
Mary Anne Whitney / (832) 442-2253	Joe Box / (832) 442-2153
maryannew@wasteconnections.com	joe.box@wasteconnections.com

   

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SOURCE Waste Connections, Inc.

FAQ

What is Waste Connections' recent acquisition?

Waste Connections has acquired E.L. Harvey & Sons, a family-owned solid waste services company in Massachusetts.

How much revenue does E.L. Harvey & Sons generate?

E.L. Harvey & Sons generates approximately $110 million in annual revenue.

What is the strategic importance of this acquisition for Waste Connections?

The acquisition enhances Waste Connections' market position in Central and Eastern Massachusetts and Southern New Hampshire.

What other acquisitions has Waste Connections announced?

Waste Connections closed one acquisition adding $50 million in revenue from Northern California and Nevada and expects another $25 million acquisition in Oregon.