Vertex Energy to acquire Omega used-oil assets

Industrial waste recycler Vertex Energy, Inc. (Houston, TX) and Omega Holdings Company, LLC (Golden, CO) have entered into an agreement whereby Vertex will acquire certain of Omega’s assets related to the re-refining and processing of used motor oil and the distribution of fuel oils and base lubricating oils. Under the terms of the transaction, Vertex will pay $30.75 million in cash and 2 million shares of its common stock for the assets, and it will assume approximately $9.7 million in capital leases and other liabilities. The transaction will take place in two closings—one expected by April 15, 2014, and the second sometime during the third quarter—and Vertex will provide Omega with a $1.6 million short-term line of credit to fund operations between the two closings. The Omega operations that Vertex is acquiring represent more than 80 million gallons of re-refining capacity of used motor oil in the United States.