Swisher Hygiene, which has South Florida holdings and investors, has agreed to be sell its U.S. operations to Minnesota-based competitor Ecolab for $40 million in cash.
Swisher was taken public in 2010 by Fort Lauderdale entrepreneur H. Wayne Huizenga and long-time associate Steven Berrard. It grew through acquisition of smaller cleaning and waste companies.
Berrard resigned in 2012 after the company said it would launch an internal review and restate earnings. Huizenga, who founded Fort Lauderdale-based car retail giant AutoNation, had been chairman of Swisher but removed his name for board re-election in 2013, as did Jeb Bush, former governor and now presidential candidate.
The company, based in Charlotte, N.C., provides cleaning and products to restaurants and other businesses.
“We believe the transaction is in the best interest of our stockholders,” said William Mace, chief executive of Swisher. He said the transaction provides a broader customer base of business, additional service support and the resources to expand the business.
The company has posted losses for the past three years.
In 2011, Swisher acquired Choice Environmental in Fort Lauderdale. The former business owners later filed a lawsuit claiming Huizenga, Berrard and Swisher management concealed material financial information from then-Choice owners Glenn Miller and Neal Rodrigue. Choice Environmental was sold by Swisher in 2012 to a subsidiary of Toronto-based Progressive Waste for $123 million.
Completion of the transaction is subject to stockholder approval and other conditions.
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