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Charys Holding Company, Inc. Signs Letter of Intent to Acquire One of the Largest Disaster Remediation and Services Firms in the U.S. PR Newswire - May 03, 2006 12:25
ATLANTA, May 3, 2006 /PRNewswire-FirstCall via COMTEX/ -- Charys Holding Company, Inc. ("Charys") (OTC Bulletin Board: CHYS.OB), today announced that it has entered into a Letter of Intent ("LOI") to acquire C&B Services ("C&B") of Houston, Texas ( http://www.candbservices.com). C&B's blue-chip client base includes Wal-Mart, Chevron-Phillips Refinery, SunTrust, Homeland Security, JCPenney, and the Naval Hospital (Pensacola), among others. The closing of the acquisition is subject to the execution of a definitive agreement and a number of contingencies.
Founded in 1995, C&B is a leading national provider of recovery, restoration and rebuilding services and has established itself as one of the nation's largest restoration companies. The company recently played a leading role in providing restoration and recovery services in Hurricanes Rita, Wilma and Katrina, providing emergency planning, coordination and response services to the affected areas. C&B is a network member of Disaster Kleenup International, a cooperative business network of the top independent restoration companies across North America. The company has reported unaudited gross revenues of $244 million and pre-tax profit of $80 million for the calendar year ended December 31, 2005.
"The acquisition of C&B Services will catapult Charys into the disaster recovery and restoration services industry as an elite player, building on the services our subsidiaries CCI and Viasys provided in the cleanup effort after the impact of last year's hurricane season," said Billy V. Ray, Jr., Chairman and CEO of Charys. "Additionally, this deal will open up significant organic growth opportunities for our Integrated Infrastructure Services subsidiaries Viasys, Method IQ and CCI, as well as serving to complement the services offered under the Charys "build-to-suit" cell tower strategy by the Ayin Holding Company subsidiary.
"Charys is very bullish about the synergistic growth opportunities that C&B brings to the table," continued Ray. "Together with its family of companies under the Charys umbrella, Charys becomes a more complete solutions provider, offering Integrated Infrastructure Development Technology Implementation and Disaster Recovery Support Services to the Data Network market, with immediate expansion into new market segments that will pave the way for the opportunity to realize increased revenues, larger profits and an expanded customer base."
Troy Crochet, President of C&B Services stated, "With the acquisition of our company by Charys, C&B will be able to accelerate our entry into the reconstruction segment of the Disaster Recovery Market, which is the natural evolution of C&B's business strategy. The additional resources, services and experience of the Charys subsidiaries will not only fuel our organic growth, but provide us as well as the Charys subsidiaries a larger customer base in which to develop market opportunities."
The effects of last year's hurricane and recovery and restoration work, in addition to new projects underway, offer tremendous growth prospects for C&B Services, which was recently named by Inc. Magazine as one of the 500 fastest growing private companies in America. Upon closing this acquisition, Charys Holding Company, Inc. expects to have an approximate expected, annual consolidated run rate of $350 million.
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