Thu, Mar 08 16:43 PM EST
March 8 (Reuters) - Wastewater management company Heckmann Corporation said it will acquire Thermo Fluids Inc from Chicago-based private equity firm CIVC Partners for $245 million in cash and stock, to expand to oil collection, recycling and resale.
The Scottsdale, Arizona-based Thermo Fluids, a closely held portfolio company of CIVC Partners, is an environmental services company and the producer of commercial fuel oil from recovered used motor oil in the Western United States.
The deal, which is expected to be closed by the second quarter, will add to Heckmann's earnings immediately.
Heckmann said it expects Thermo Fluids to account for about 31 percent of its total revenue in 2012.
For the nine months after the deal closes, the company expects Thermo Fluids to generate revenue of $105 million to $115 million.
Shares of Heckmann closed at $5.29 on Thursday on the New York stock Exchange.
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