Redishred completes acquisition of Proshred Philadelphia

Redishred Capital Corp. has announced it has completed the acquisition of Proshred Philadelphia, a paper and hard-drive shredding, product destruction and paper recycling services company.

The Ontario-based company says the price of the acquisition, including earnouts, is estimated between $7.3 million and $8.4 million and was funded through a combination of cash and borrowings from its acquisition loan facility.

Redishred purchased the franchise from Virginia Heron-Doerr and Jim Doerr and gives the corporately owned locations in the New York, New Jersey and Pennsylvania corridor which it says allows for “fleet, administrative and sales synergies.”

The acquisition includes on-site paper and hard-drive shredding trucks, box trucks, containers, client relationships, paper baling equipment and other assets used in the shredding and paper recycling business, and Redishred says it views this acquisition as accretive to its cash flows and earnings on a per common share basis.

According to Redishred, Proshred Philadelphia earned approximately $2.8 million in revenue during fiscal year 2021 and $1.8 million in the first half of this year.

Redishred Capital Corp. is the owner of the Proshred trademarks and intellectual property worldwide. Proshred shreds and recycles confidential documents and proprietary materials across all industry sectors and currently serves over 40 markets in the United States.