April 1, 2019 [Bulk Transporter] – Origin Americas recently completed the acquisition of the assets of Flex Oil Service and Safeway Oil Recovery, one of the largest independent collectors of used automotive oil in the Gulf Coast.
This is Origin’s second strategic acquisition in the last year, and the company says the purchases positions its as a leading environmental infrastructure and services platform in the United States.
“We are pleased to add Flex Oil’s strong collection platform to our growing business,” said Nicholas Myerson, CEO of Origin. “Flex Oil enhances our scale and diversifies our geographic footprint in two key North American markets.”
In addition to the assets of Flex Oil, Origin owns and operates a nearly 50-acre liquid bulk storage terminal in Baltimore MD with rail, truck, vessel loading and unloading infrastructure, as well as one of the largest used motor oil and lubricant collection businesses in the Mid-Atlantic region.
The acquisition of Flex Oil was funded through Origin’s existing $100 million strategic financial partnership with Orion Energy Partners and secured by a long-term offtake agreement from Element Americas.
“The acquisition of Flex Oil is a testament to Origin’s long-term growth plans and ability to execute on strategic acquisitions,” said Nazar Massouh, CEO of Orion Energy. “We are thrilled to continue our partnership with the team. Origin’s expansion into the Texas market is highly complementary to its existing business, and we are excited to continue our partnership as the platform executes on additional strategic growth opportunities.”