ST. PAUL, Minn.— Ecolab has reached an agreement to acquire the U.S. operations of Charlotte, N.C.-based Swisher Hygiene Inc.for approximately $40 million in cash. Swisher Hygiene provides hygiene and sanitizing solutions for the food service, hospitality, retail and healthcare markets. Sales in 2014 for the operations included in the agreement were approximately $176 million.
"This attractive transaction will expand our Institutional customer base and service coverage. The addition of Swisher Hygiene's U.S. portfolio of independent restaurants complements Ecolab's presence in national restaurant chains," said Douglas M. Baker, Jr., Ecolab chairman and chief executive officer. "We look forward to welcoming Swisher Hygiene employees and customers to Ecolab, and growing with them as we work to make the world cleaner, safer and healthier."
Founded in 1986, Swisher Hygiene has 1,000 employees in the U.S., primarily in field sales and service, and serves approximately 30,000 businesses. Swisher Hygiene offers a range of products and services for the institutional foodservice industry, including warewashing and foodservice cleaning and sanitizing products and services.
The transaction is expected to close in the fourth quarter of 2015, subject to Swisher Hygiene stockholder approval and customary closing conditions. Assuming that close date, Ecolab expects the transaction to be very modestly dilutive over the first twelve months beginning in the fourth quarter of 2015, and become accretive thereafter.