Swisher Sells Gulf Coast Linen

Posted May 13, 2015 at 2:34 pm

Swisher Hygiene Inc., a provider of hygiene and sanitizing solutions, announced Tuesday the sale of Gulf Coast Laundry Services, Gulfport, MS, to an undisclosed buyer for $4 million in cash, plus purchased accounts receivable.

“The sale will allow us to focus solely on core hygiene and sanitizing business and improves our cash liquidity and our credit-line availability,” said William M. Pierce, president and CEO of Swisher, in a news release. “Our focus continues to remain squarely on maximizing customer satisfaction through providing best-in-class service, gaining new business and further improving our overall cost structure.”

The difference between the sale prices and the carrying value of the assets sold will be recognized as a gain in the second quarter of 2015, the release said. Click here to learn more.

Swisher acquired Gulf Coast in October 2011 for $4.8 million in cash, plus a promissory note that could be converted into 350,000 shares of Swisher stock, according to news reports. Click here for details.