Synagro Announces Completion of EPIC Acquisition

Synagro Technologies, Inc. of Houston, TX, one of the country's largest independent, full service providers of residuals management services, announced today that it has completed the acquisition of Environmental Protection & Improvement Company, Inc. (EPIC.) EPIC is a wholly owned subsidiary of Compost America Holding Company, Inc. (Compost), and was sold for a purchase price of $37.5 million. If certain financial targets are attained over the subsequent three years, additional consideration will be paid to Compost. Other terms of this transaction were not disclosed.

EPIC is a waste transportation and management company headquartered in Denville, NJ. EPIC specializes in transporting biosolids by rail for disposal or land application for beneficial reuse. In addition, EPIC utilizes its rail fleet in transporting a variety of other waste streams, including incinerator ash and soils.

EPIC's primary loading facility is located in Newark, NJ and is operated 7-days a week, 24-hours a day. EPIC currently operates a fleet of approximately 150 high-capacity railcars and 1,300 containers. Since its inception in 1990, EPIC has successfully transported over two million tons of material for industrial and municipal generators, including New York City, Passaic Valley Sewage Commission, Bergen County, and Sevenson Environmental. A majority of EPIC's work is under long-term contract and represents approximately $170 million in contract work that has not been completed or billed. EPIC will add approximately $23 million in annual revenues and is expected to be accretive to Synagro's calendar year 2000 earnings per share.

Robert J. Longo, President of EPIC, stated "EPIC is excited about bringing its rail expertise to Synagro. Synagro's current and future customers should benefit tremendously from EPIC's unique skills of transporting biosolids over long distances efficiently and economically."

Synagro is a fast-growing company focused on organic residuals management services, and has operations located throughout the country. In addition to pursuing acquisitions in key markets, the company is positioning itself as the national provider of biosolids services to municipalities and wastewater privatization projects throughout North America.

Source: Synagro Technologies, Inc.
Edited by Kate Goff
Editor, Solid Waste Online