Swisher Hygiene Acquires Logico Associates and Nebraska Hygiene Franchisees
CHARLOTTE, N.C., March 14, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH - News) (TSX:SWI - News), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the hygiene and chemical business of Logico Associates, Inc. ("Logico"), its San Diego, California franchisee, and Nebraska Hygiene, Inc., its Lincoln, Nebraska franchisee.
Logico is one of the longest operating Swisher Hygiene franchisees, with a member of the Lougeay family having been a part of the Swisher Hygiene system since 1993. Logico's franchise territory encompasses all of San Diego and Imperial Counties, stretching from the Pacific Ocean to the Arizona border. Additionally, it is adjacent to Orange County, a market Swisher Hygiene purchased from a former franchisee in January 2011.
Nebraska Hygiene, Inc. has been a part of the Swisher Hygiene system since 2003, providing its services in the Lincoln and Omaha, Nebraska markets. From these bases, Swisher Hygiene intends to introduce its full suite of product and services offerings to customers.
"We are excited to bring our San Diego and Nebraska franchisees fully on board to further enhance our company-owned operations in North America and take these territories to the next level," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "I'd like to thank the Logico team and the Lougeay family for their loyalty to Swisher Hygiene over the last 18 years and wish Stace Lougeay much success in the next step of his career, as well as the Nebraska Hygiene team for their hard work and dedication over the last eight years."
Total consideration paid for by Swisher Hygiene in connection with the acquisitions includes $250,000 in cash and the issuance of a maximum of 338,326 shares of Swisher Hygiene common stock subject to certain restrictions, including acceptance by the Toronto Stock Exchange. |
