Boston-based Converted Organics has closed on its purchase of a 95 percent ownership stake in TerraSphere Systems. Terms of the transaction were not disclosed.
TerraSphere designs and operates farming systems that produce organic fruits and vegetables. Converted Organics produces organic soil amendments and fertilizer from food and agricultural waste.
“The acquisition of TerraSphere expands the company’s portfolio of sustainable, environmentally friendly green assets and is a continuation of our strategy to grow our business through accretive acquisitions,” said Edward Gildea, president and CEO of Converted Organics, in a statement. “On a pro-forma basis, TerraSphere contributed more revenues than Converted Organics in 2010, and the combined companies are expected to accelerate our growth in 2011 and beyond.”
• For information on Converted Organics' partnership with IESI-BFC Ltd., read "IESI, Converted Organics Process Food Waste Into Fertilizer."