- Mergers & Acquisitions
Slicker Recycling announces second U.S. acquisition
Slicker Recycling, one of the UK’s leading specialists in the recycling and treatment of used lubricating oils, has expanded its U.S. division through a second acquisition in just six months. Slicker Recycling acquired Hydrodec, a firm which collects and hydrotreats used transformer and naphthenic oils from its Canton, Ohio, U.S.A., facility, in November 2021.
Ohio-based high voltage metal recycling company, Cleveland Industrial Recycling, will be integrated into Slicker’s U.S. business, Hydrodec.
The expanded company, Hydrodec North America ,which now counts more than 50 employees, will be led by Gary Smith, who becomes CEO of the U.S. business. Smith was previously Slicker’s operations director. Jim Szoka, former owner of Cleveland Industrial Recycling, will become the executive chairman of the expanded company.
The expansion deal promises multiple carbon-cutting benefits for customers, with the joint expertise of both businesses set to play a greater role in helping companies offset carbon emissions, conserve fossil fuels and gain carbon credits to help meet their sustainability goals.
“This is an exciting acquisition for us and maintains our ongoing, rapid growth in the U.S. market,” said Mark Olpin, executive chairman of Slicker Recycling.
“We saw so many synergies between Hydrodec and the team at Cleveland and we can now closely integrate our expertise. There are efficiencies we will gain for used oil extraction and metal recycling, but the deal will also allow us to work with more businesses to help them achieve their green objectives and be awarded by gaining sought-after carbon credits.
“There are so many compatibilities between both companies. Cleveland’s specialist team decommission tonnes of high voltage scrap metal and transformers every day, but now they can work hand-in-hand with our team at Hydrodec to ensure used oil is extracted, refined and recycled back into the market.
“It is a merger which means we are extending the value chain, and offering a closed-loop, end-to-end solution for companies across the United States.”
“This merger is the next logical step for Cleveland Industrial Recycling and will not only extend the value chain, but give a complete, closed loop process when it comes to us recycling various types of metals and ensuring oil is extracted,” said Szoka. “We see a great fit with Slicker Recycling and Hydrodec so it is an exciting time for everyone involved.”