R360 provides waste treatment, recovery and disposal services at oilfields throughout the United States.
Waste Connections Inc., The Woodlands, Texas, has entered into an agreement to acquire the business and operating subsidiaries of R360 Environmental Solutions Inc., Houston, for $1.3 billion. R360 provides non-hazardous oilfield waste treatment, recovery and disposal services in several active natural resource producing areas in the United States.
R360 operates 26 facilities across Louisiana, New Mexico, North Dakota, Oklahoma, Texas and Wyoming and has annualized revenue of about $300 million. Closing is expected to occur in the fourth quarter of 2012.
"We are extremely pleased about the opportunity to bring R360 into the Waste Connections family. Through acquisitions and new facility development, R360 has created leading positions in key basins, providing closed loop oilfield waste services within an increasingly stringent regulatory environment. This acquisition represents a natural extension of our existing E&P disposal activities," says Ronald Mittelstaedt, Waste Connection’s chairman and CEO.
"While a tepid economy has impacted MSW (municipal solid waste) volumes, increased drilling activity in unconventional areas is fueling impressive organic growth within the E&P waste sector. R360 is actively permitting several new sites to further expand its operations in this growing industry."
"For R360, this is a terrific opportunity that should enable us to grow more rapidly," says Troy Thacker, R360’s CEO. "By combining our business and expertise with the scale, breadth and financial resources of Waste Connections, we will be able to enhance the environmental solutions we bring to our customers. Both companies value safety and protecting the environment as well as excellence and integrity in business practices.”