Worth Corporation / Tox Free Solutions Limited
The Private shareholders of Worth Corporation have sold the company to Tox Free Solutions Ltd (Toxfree) for US$53 million.
Sydney-based Worth Corporation, the parent company of Worth Recycling Pty Ltd, is a market leader in the collection, transportation, processing and recycling of liquid, sludge and solid waste, as well as a proven performer in confined space and industrial cleaning services. The company has developed and acquired a significant base of oily wastewater treatment technology from extensive in-house research and engineering activities.
Established and listed on the Australian Securities Exchange (ASX) in 2000, Toxfree is an integrated waste management group, capitalised at US$327 million. The group has experienced substantial growth achieved through acquisitions, new green-field developments and the organic growth of existing businesses.
In 2013, Baron Partners Limited, M&A International Inc.’s member firm in Australia, responded to a request from the business owners about sale prospects. Corporate advisory assistance was provided, and by 2015 the business had restructured enough to be saleable. During that period, the main industry competitor had confirmed an interest and in late 2015 a negotiated sale price was agreed and a divestment time frame established. Baron assisted with the due diligence, financial and corporate advisory matters, and negotiations over an extremely compressed sale period of three months, delivering a sale outcome ahead of the vendors’ expectations.
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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