Origin Americas (Origin) has completed the acquisition of the assets of Flex Oil Service and Safeway Oil Recovery (Flex Oil), one of the largest independent collectors of used automotive oil in the gulf coast.
Image: Origin acquires Flex Oil Services. Photo: Courtesy of Gerd Altmann/Pixabay.
This represents Origin’s second strategic acquisition over the last year and positions the company as a leading environmental infrastructure and services platform in the United States. In addition to the assets of Flex Oil, Origin owns and operates a nearly 50-acre liquid bulk storage terminal in Baltimore, Maryland 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, L.P. (“Orion Energy”) and secured by a long-term offtake agreement from Element Americas Inc.
“We are pleased to add Flex Oil’s strong collection platform to our growing business. Flex Oil enhances our scale and diversifies our geographic footprint in two key North American markets,” said Nicholas Myerson, CEO of Origin.
“The acquisition of Flex Oil is a testament to Origin’s long-term growth plans and ability to execute on strategic acquisitions. We are thrilled to continue our partnership with the team,” said Nazar Massouh, CEO of Orion Energy. “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.”
Source: Company Press Release