Philadelphia-based Enviri Corporation, a company offering critical recycle and reuse solutions, recently sold its Reed Minerals business to Speyside Equity, a global private equity firm, for $45 million in cash.
Enviri will use proceeds from the sale to reduce its debt and strengthen its balance sheet.
“Divesting Reed Minerals is yet another noteworthy transaction for Enviri as we continue to transform our business portfolio to focus on core markets and reduce our financial leverage,” Nick Grasberger, Enviri chairman and CEO, said. “As with our other business transactions, the sale of Reed Minerals will further enable Enviri to focus on specific growth areas with increased financial flexibility…. I am confident that under Speyside’s ownership and its experience in relevant markets, Reed Minerals will benefit from enhanced innovation and growth.”
“We look forward to working with the Enviri and Reed Minerals management teams and employees to build on this great company,” Erik Wiklendt, Speyside Equity managing director, said. “Given Speyside’s demonstrated strengths, and with the addition of Speyside’s market experience, operational and financial resources, and focus on innovation, an ideal foundation for Reed Minerals future success will be created.”
Enviri operates in more than 150 locations in more than 30 countries.