Swisher Hygiene Acquires Majority of Assets of Daley International, Ltd.
Significant Addition to Internal Manufacturing Capabilities
CHARLOTTE, N.C., Sept. 22, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has acquired the majority of assets of Daley International, Ltd. ("Daley"), one of the largest independent chemical manufacturers in the U.S. The acquisition will allow Swisher Hygiene to significantly increase its internal product manufacturing capability, while also enabling the company to provide a broader array of products for additional vertical markets.
Daley is headquartered and has its main 207,000 square foot manufacturing facility in Chicago, Illinois, with satellite plants located in Denver, Colorado, Plant City, Florida and Johnstown, New York. The company has over 30 years of experience developing, manufacturing, selling and distributing chemicals into institutional markets on a national basis. Daley manufactures an extensive line of warewash, laundry, housekeeping, food processing, institutional cleaning and building maintenance chemicals, and is also one of the largest producers of floor finishes, waxes, and ancillary floor care products. Concurrent with the acquisition,
Tim Daley will become Vice President of Manufacturing, and his brothers Patrick, Michael and Sean will continue in key management roles.
By adding the four manufacturing facilities, Swisher Hygiene will significantly increase the percentage of chemical products that it manufactures internally and secure capacity to support its future growth. Despite the additional capacity, Swisher Hygiene intends to also maintain supply partnerships with a core group of third-party manufacturers. The acquisition will also enable Swisher Hygiene to add Daley's attractive customer base and expand its capabilities within the food processing, floorcare, supermarket sanitation, industrial and healthcare markets by allowing for the manufacturing of specialty products used by these industries.
"Due to our rapid growth, we expect the demand for chemical production will increase considerably over the next couple of years, therefore making it necessary to manufacture most of our own products in order to keep pace," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "In addition, the acquisition of Daley will allow us to better consolidate our raw material purchases, thereby providing significant cost savings for the company and further enabling us to provide superior products and services to our customers, as well as adding a strong customer base that we intend to further grow."
Total consideration paid by Swisher Hygiene in connection with the acquisition was approximately $5.7 million in cash.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute "forward-looking information" or "forward-looking statements" within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may,"
"could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as the accuracy of management's assessment of the effects of the successful completion and integration of the acquisitions. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained
by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and the most recent registration statement on Form S-1 each filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian
securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com, and Swisher Hygiene's other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com. The forward-looking information set forth in this news release is subject to various assumptions,
risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. The company's most recent program enhancement is its introduction of solid waste management services to commercial and residential customers in selected markets. Together, this broad set
of offerings is designed to promote superior cleanliness and sanitation in all commercial environments from door to dumpster, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene's customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.
CONTACT: Swisher Hygiene Inc.
Phone: (704) 602-7116
Garrett Edson, ICR
Phone: (203) 682-8331
Alecia Pulman, ICR
Phone: (203) 682-8224
Source: Swisher Hygiene, Inc.
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