Apr. 5 at 2:18 PM
$QRHC Quest Resource finalizes sale of non-core portion of RWS business
Quest Resource Holding Corporation announced the sale of its tenant-direct portion of the RWS commercial property management business. "We have successfully completed the sale of a portion of RWS, which was a non-core line of business and a small part of our overall portfolio. The sale enables us to increase our focus on our core portfolio of clients in diverse industries, which offer the greatest source of growth and financial returns. Financially, this sale eliminates business that contributed to inconsistent financial performance without contributing profits, and it provides cash that can be used to pay down debt," said Perry W. Moss, President and Chief Executive Officer of Quest.
The company agreed to sell the client contracts to Lincoln Waste Solutions, a part of Reconomy, a leading international specialist in the circular economy. The total consideration for the sale was approximately
$5M in cash paid at closing, plus additional amounts payable to the seller, not to exceed
$6.5M in aggregate, that may be earned based on future performance and a one-time payment of an acquired accounts receivable remittance amount, in each case subject to adjustment as set forth in the purchase agreement. The transaction closed on March 31, 2025.
