Synagro Announces Closing of Three Acquisitions

Feb. 11, 2000
Synagro Technologies Inc., a leading growth company in the residuals management business, has closed the acquisitions of AKH Water Management Inc., Davis Water Analysis Inc., and Ecosystematics Inc. All three companies operate and maintain small volume wastewater treatment facilities located in the Florida Keys. AKH operates in a 20-mile radius of Marathon; Davis Water operates in a 50-mile radius of Key West; and Ecosystematics operates in a 50-mile radius of Key Largo. These operations will be fully integrated into Synagro's existing Florida business. Ross M. Patten, Synagro's chief executive officer, stated that, "These acquisitions complement our current Florida business and provide a strong platform to grow our South Florida business. We are excited to have such quality businesses and people joining Synagro." AKH was structured as an asset purchase, while both Davis Water and Ecosystematics were stock purchases. These acquisitions add approximately $2.6 million in annual revenue. The total purchase price for these companies was approximately $2.8 million and was funded through a combination of equity and subordinated debt. SOURCE: PR Newswire

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