Prior to the acquisition, Carbon Solutions was a private company. It joins ADES as a leading producer of Powdered Activated Carbon (“PAC”) solutions for the coal-fired power plant, industrial and potable water markets
Further on December 7, 2018, the Company and Apollo Credit Strategies Master Fund Ltd and Apollo A-N Credit Fund (Delaware) L.P. (collectively “Apollo”), executed the $70 million Term Loan and Security Agreement, which provides funding for this acquisition.
ADES president and CEO L. Heath Sampson said: “We are thrilled to complete this acquisition of Carbon Solutions and take the next step toward diversifying our emissions control offerings, expanding our customer base and broadening the markets we serve. We strongly believe this is the right transaction, at the right price and time, to drive near-term and long-term growth and value for our shareholders.”
Source: Company Press Release
