Tyrex Resources, LLC (CompacTyres), a fast-growing scrap tire removal company in the Northeast, announced the acquisition of Tire Management, a provider of tire removal services based in Paterson, N.J. The combined operations service more than 1,600 clients and manage the recycling of nearly 2 million tires annually.
Tyrex/CompacTyres is based in Hamilton, N.J., and is known for the application of its patented compaction technology and predictive software to deliver increased service frequency and greater value to its clients throughout New Jersey and Eastern Pennsylvania. The company has been rapidly growing its operational footprint, and the Tire Management transaction represents its first expansion through acquisition.
Tire Management's Founder Chris LaBanca, who built the tire collection service company, will be joining the Tyrex/CompacTyres management team. In his role, he will lead client integration operations in the region and will help to guide continued rapid expansion of the combined entities.
“Tyrex has built an innovative and efficient model for delivering collection services,” said LaBanca in a statement. “Our team and our clients are in great hands.”
“We are looking forward to bringing our unique technologies and unmatched level of service to the large Tire Management client base,” said Tyrex/CompacTyres' Co-founder and CEO Fred Devlin in a statement. “We’re pleased to have successfully completed our first acquisition and welcome Chris and his team to our expanding organization.”
Advisory services for the transaction were provided by Mystic Environmental Solutions and Emerging Growth Equities.