Deep Green Waste & Recycling, Inc., a waste and recycling services company for commercial customers, today announces that it signed a Definitive Stock Purchase Agreement to acquire Lyell Environmental Services Inc., a commercial environmental remediation, abatement, and testing services company based in Nashville, Tennessee.
Deep Green Waste & Recycling (Deep Green) has agreed to acquire 100% of Lyell Environmental Services for $1.35M in cash and stock. Deep Green will finance the cash portion of this transaction using convertible debt financing in close cooperation with its strategic investment partners.
“This acquisition is a major milestone in Deep Green’s strategic plan and is strategically important to the company’s growth strategy,” said Lloyd Spencer, President and CEO of Deep Green. “We believe that Lyell Environmental Services can contribute to Deep Green’s services strategy by growing the environmental and remediation services business across the Southeast US.”
Deep Green expects to close the acquisition in September subject to approval by Deep Green’s Board of Directors, meeting closing conditions, and customary regulatory approvals. Lyell Environmental Services, Inc. will operate as a wholly owned subsidiary of Deep Green Waste & Recycling, Inc.