Evergreen Oil acquired by Clean Harbors in $60 million transaction

By Caroline Salls

Pittsburgh, Sept. 16 - Evergreen Oil, Inc. was acquired out of bankruptcy by Clean Harbors, Inc., with Clean Harbors funding the $60 million transaction through available cash on its balance sheet, according to a Clean Harbors news release.

Clean Harbors said the acquisition of Evergreen Oil expands its geographic footprint in re-refining to include coverage in the Western United States, provides it with the second-largest collector of waste oil in California and gives it a number of valuable ancillary waste assets.

"We believe that we are purchasing this asset at a favorable price for our shareholders," chairman and chief executive officer Alan S. McKim said in the release.

"While we plan to invest some capital into the re-refinery to enhance its layout and productivity, the plant is relatively new, with major portions of it having been rebuilt following a fire at the facility in 2011.

"In addition to the re-refinery, the purchase includes rolling stock and equipment, a diverse roster of West Coast customer accounts, an ancillary hazardous waste business and a [treatment, storage and disposal facility] in Carson, California - a state where stringent permitting requirements create barriers to entry."

Evergreen, an Irvine, Calif.-based environmental services company, filed bankruptcy on April 9 in the U.S. Bankruptcy Court for the Central District of California. The Chapter 11 case number is 13-13163.

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