General Environmental Management, Inc. (GEM) (OTC: GEVI.OB), a leading environmental and waste remediation company announced today it has completed the acquisition of Island Environmental Service, Inc. (IES), a California-based environmental transporter. The transaction was financed with the help of a $13.5m financing from The ComVest Group in the form of a revolving line of credit and a term loan.
IES, who generated $7.7 million in revenue in 2007, maintains geographic service coverage in the western region. IES will significantly increase GEM’s environmental equipment resources and support the company’s continued growth throughout the western United States.
“GEM derives multiple benefits from the IES acquisition and we believe with our combined resources this acquisition has the potential to drive growth for our company moving forward,” commented Tim Koziol, GEM CEO. “With the addition of IES, GEM will increase our reach into new customer bases, while broadening service capabilities throughout GEM’s customers with IES’ core competencies in logistics, bulk movement of waste, and storm water management services. IES will operate as a division of GEM.”
“The IES family is excited to join GEM and I look forward to working with the GEM team to further expand this company,” said Randy Costales, IES President. “We both share a common-sense approach to customer service and many years of combined experience in this industry. With GEM’s systems applied to the IES service group, we expect to continue GEM’s momentum in future quarters.”
About General Environmental Management, Inc.
General Environmental Management, Inc. (www.go-gem.com) is a full-service hazardous waste management and environmental services firm providing integrated environmental solutions managed through its proprietary web-based enterprise software, GEMWare, including the following service offering: management and transportation of waste; design and management of on-site waste treatment systems; management of large remediation projects; response to environmental incidents and spills; and environmental, health and safety compliance. Headquartered in Pomona, California, GEM operates seven field service locations and one Treatment, Storage, Disposal facility (TSDF), servicing all markets in the Western US.