Redishred makes acquisition in Florida

Ontario-based document destruction and recycling company Redishred Capital Corp. has expanded its footprint in the U.S. Southeast, acquiring SelectShred Inc. in Stuart, Florida, effective May 31.

SelectShred offers on-site paper and hard drive shredding, product destruction and paper recycling services for both commercial and residential customers across Palm Beach, Martin, St. Lucie, Indian River and Okeechobee counties in southeast Florida.

The acquisition by RediShred includes SelectShred’s on-site paper and hard drive shredding trucks, containers, client relationships and other assets used in the shredding and paper recycling business.

“The acquisition of SelectShred allows us to further grow and densify our footprint in the Fort Lauderdale, West Palm Beach and Port St. Lucie areas and achieve routing and other synergies with the significant overlap of SelectShred’s routes with our existing Fort Lauderdale location,” Redishred Senior Vice President of Acquisitions Kasia Pawluk says.

“We want to thank Richard and Gloria Kinkead for the business they have built and their long-standing care for their customers. We look forward to continuing this service and care for customers and we wish them well in their future endeavors.”

According to a news release, the purchase price for the acquisition, including earnouts, is between approximately $400,000 and $500,000, depending on the achievement of certain financial results.

Redishred Capital Corp. owns and operates the Proshred brand and business platform worldwide. The company offers both document destruction and paper recycling services as well as electronics recycling. It has locations in 25 states across the U.S., including four locations in Florida: Fort Lauderdale, Miami, Orlando and Tampa Bay.