Swisher CEO Steven Berrard has been finding acquisitions in the West.
Swisher Hygiene? ? Swisher Hygiene Latest from The Business Journals Swisher leads Charlotte stocksSwisher shares fall 5.4 percent; Charlotte stocks lose groundSwisher Hygiene buys Savoy Linen Services Follow this company has bought some of the assets of CMI LV, a Nevada-based linen company that does business under the name Cactus Mats.
The company rents floor mats, towels and mops, primarily to food service and retail customers in the greater Las Vegas market.
“We continue to build our full service coverage and strong presence in the Southwestern U.S. through today’s acquisition, which will expand our linen service coverage in the major metropolitan region of Las Vegas, as well as enabling us to additionally cover the greater Phoenix market going forward,” Swisher CEO Steven R. Berrard said.
Swisher offers an array of hygiene and sanitary supplies and services to businesses.
Berrard noted how the latest acquisition fits in with Swisher's overall strategy of broadening its product offerings, which offers cross selling opportunities to customers.
Swisher paid an undisclosed amount of cash and issued a note that may be convertible into a maximum of 71,429 Swisher shares. At Thursday's price of $2.95, those shares would be worth $210,715.
While Swisher (NASDAQ: SWSH) is based in Charlotte, N.C., the company has many South Florida shareholders because Berrard and Chairman Wayne Huizenga previously teamed up to lead Blockbuster Entertainment and AutoNation? ? AutoNation Latest from The Business Journals Follow this company (NYSE: AN) in Fort Lauderdale.
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