United States : VERTEX ENERGY, HEARTLAND GROUP HOLDINGS enter $8.3M acquisition deal.
Vertex Energy has entered an asset acquisition deal by and among the Company, Vertex Energy Operating, LLC, the 100%-owned subsidiary of the Company ("Vertex Operating"), Vertex Refining OH, LLC, a 100%-owned subsidiary of Vertex Operating ("Vertex OH"), and Heartland Group Holdings, LLC ("Heartland").
Heartland is engaged in the operation of an oil re-refinery and, in relation therewith, gathering, aggregating and buying used lubricating oils and re-refining like oils into processed oils and other products for the distribution, supply and sale to end-customers (jointly, the "Heartland Business").
Under the deal, we will acquire significantly all of the assets of Heartland associated with and used to operate the Heartland Business, including raw materials, finished products and work-in-process, equipment and other fixed assets, customer lists and marketing information, the name 'Heartland' and other associated trade names, Heartland's real asset relating to its used oil refining facility sited in Columbus, Ohio, used oil storage and transfer facilities sited in Columbus, Zanesville and Norwalk, Ohio, and leases associated with storage and transfer facilities sited in Zanesville, Ohio, Mount Sterling, Kentucky, and Ravenswood, West Virginia (jointly, the "Heartland Assets") and to assume certain liabilities of Heartland related to certain assumed and acquired deals.
The assumption of the assumed liabilities and $8,276,792 (contingent on adjustment in relation to certain needed inventory levels at closing as set forth in the acquisition deal) is the acquisition price payable in consideration for the Heartland Assets.
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 29, 2014|
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