Onyx-North America, Miami, the waste management subsidiary of Paris-based Vivendi, has acquired Superior Services, Milwaukee, at $27 per share of stock, for a total of almost $1 billion.
In an exclusive interview with Waste Age [see "From Players to Partners," page 38], Onyx-North America Vice President Len Enriquez cites Superior's "highly disciplined growth" and "proven record of profitability" as reasons for purchasing the company in June. Superior manages 49 waste collection operations, 23 landfill sites, 20 transfer stations and 15 recycling plants in 12 states, serving 750,000 customers in the industrial/commercial and municipal sectors.
Bill Dietrich, president and CEO of Superior, says the acquisition furthers Superior's growth while providing stability to its employees and customers. The companies also share similar views, he says.
"Superior and Vivendi share the same values and high standards of ethical business conduct," Dietrich says. "This includes an appreciation for our employees, a sense of social responsibility and a commitment to the preservation of the environment."
Superior has 2,400 employees and generated net sales of $319 million in 1998, according to the company. Projections for 1999 are about $400 million.
Onyx-North America also has acquired several other companies, including U.S. Filter, Warren, N.J., and the hazardous waste operations of Waste Management Inc., Houston. Montenay International Corp., Miami is another U.S. holding.
"These acquisitions demonstrate Vivendi's commitment to our strategy of offering the full range of waste/environmental management services," Enriquez says.
At press time, the acquisition was due to be complete within several months, according to Dietrich.