Dive Brief:
- Boise, ID-based US Ecology Inc. has sold Allstate Power-Vac Inc., an environmental cleaning firm, to a private investor group in a deal valued at $58 million. US Ecology expects to use the proceeds from the transaction to reduce debt, Waste 360 reported.
- Allstate did not complement US Ecology's business plans due to "its lack of geographic proximity" to the company's "core environmental service offerings," according to US Ecology Chairman and CEO Jeff Feeler.
- The company had acquired Allstate, based in Rahway, NJ, with its 2014 purchase of EQ Holdings Inc. of Wayne, MI, for $465 million.
Dive Insight:
US Ecology manages hazardous, non-hazardous and radioactive waste, as well as other complementary field and technical services.
"Divesting Allstate will allow us to concentrate on growing our core environmental services business while continuing to expand our complementary field services,” said Feeler.
In January, US Ecology unified its operations under a redesigned brand, with the aim of conveying its position in the marketplace "as a premier provider of environmental solutions to customers across North America."
