Delta Petroleum Company Inc / Clean Harbors Inc
Greif, Inc. has sold Delta Petroleum Company, Inc. to Clean Harbors, Inc. for an undisclosed consideration.
Delta is a leading third-party provider of blending, packaging and warehousing services for lubricants and glycol-based products for customers in a variety of markets. The company offers the most comprehensive oil and specialty chemical solutions in the industry.
Clean Harbors, headquartered in Norwell, Massachusetts, is North America’s leading provider of environmental, energy and industrial services. The company serves a diverse customer base, including a majority of the Fortune 500, across the chemical, energy, manufacturing and additional markets, as well as numerous government agencies. Founded in 1980, Clean Harbors operates throughout the United States, Canada, Mexico and Puerto Rico.
Based in Delaware, Ohio, Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, flexible and corrugated containers and containerboard, and provides reconditioning, blending, filling and packaging services for a wide range of industries. Greif also manages timber properties in North America. The company is strategically positioned in 50 countries to serve global as well as regional customers.
Western Reserve Partners, M&A International Inc.’s member firm in Cleveland, USA, served as exclusive financial advisor to Greif, Inc. (NYSE: GEF, GEF.B) in the divestiture of Vulsay Industries, Ltd. and the New Orleans operating assets of Delta Petroleum Companies (collectively, Delta) to Clean Harbors, Inc. (NYSE: CLH).
Cavendish played an invaluable role throughout a complex transaction and in particular getting the transaction across the finishing line.
This deal provides an excellent platform for the Levolux business to continue its overseas expansion. As well as the compelling strategic fit, Alumasc provides an excellent home for the Levolux brand and team. We are delighted with the outcome and the support extended to us by Cavendish.
This has been a highly complex transaction involving 10 jurisdictions. Cavendish has held our hands throughout the process, providing a dedicated team who have done a superb job; this has greatly reduced interruptions to our businesses whilst adhering to the original timetable. Cavendish has achieved a very successful sale at a fair price to a buyer who will enjoy significant strategic value from the purchase.
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