Swisher Hygiene Inc. a Charlotte, N.C.-based provider of essential hygiene and sanitation products and services, announced it has acquired the assets and certain liabilities of LTD of Wisconsin Inc., which does business as Midwest Alchemist in Brown Deer.
Midwest Alchemist covers the greater Milwaukee area and adjacent markets and provides a range of specialty chemicals and service programs to the foodservice and hospitality industries, including warewashing and on-premise laundries. Concurrent with the acquisition, Lee Wackman, the owner of Midwest Alchemist, will join Swisher Hygiene.
Swisher also said it has acquired Chemtech Distribution & Service Inc. of Richmond, Va. Chemtech also providing a range of warewashing specialty chemicals and service programs directly to the foodservice and hospitality industries. Timothy Mallory, the owner of Chemtech, will join Swisher Hygiene.
"We continue to actively pursue growth opportunities whenever they present themselves, and these acquisitions in the Midwest and Mid-Atlantic markets will help us further expand our specialty chemical coverage," said Steven Berrard, chief executive officer of Swisher Hygiene. "We are very pleased to provide additional avenues to cross-sell our full service offerings to potentially new and currently existing customers."
Total consideration paid for by Swisher Hygiene in connection with these acquisitions include $357,000 in cash, the assumption of certain liabilities, and the issuance of a convertible promissory note which may be converted into a maximum of 56,250 shares of common stock subject to customary restrictions, including acceptance by the Toronto Stock Exchange.
