Date: February 28, 2002
Source: News Room
Hi-Rise Recycling Systems, Inc. (OTCBB:HIRI), in connection with its Chapter 11 filing, will sell the business of its Solid Waste Equipment Division to HRS Acquisition Company, an affiliate of a privately owned investment management firm managing a number of private equity funds with capital under management in excess of $200 million. The sale will be for an aggregate purchase price equal to $31 million in cash plus the assumption of specified company liabilities. The transaction will consist of the sale of substantially all of the assets and assignment of specified liabilities and contracts of DeVivo Industries, Inc., Hesco Sales, Inc., United Truck and Body Corporation, BesPac Inc., DII Acquisition Corp., and American Gooseneck Inc. The Solid Waste Equipment Division manufactures solid waste metal containers, balers, compactors, roll-off containers, transfer trailers, roll-off hoists, and other specialized equipment.
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