Warrington-based Windtree Therapeutics continues to diversify its revenue streams with the acquisition of Titan Environmental Solutions, a waste management business, writes John George for the Philadelphia Business Journal.
The move comes a month after the biotechnology company announced plans to enter the real estate business.
Windtree said it has secured debt financing for the transaction, along with working capital for Michigan-based Titan Environmental. The sale price was not disclosed.
The companies expect to close the deal in the third quarter. Windtree Therapeutics will rebrand Titan Environmental as Windtree Environmental Services and operate it as a subsidiary upon completion.
The acquisition will generate $12 million in revenue during its first 12 months under new ownership.
Titan Environmental provides waste, recycling, and dumpster rental services for both residential and commercial customers.
“This transaction strategically aligns with our vision of diversifying our business model by increasing revenue and providing significant growth potential for the company,” said Jed Latkin, Windtree’s CEO.
Windtree plans to retain the waste management company’s current management team.
The company believes it can further scale the business by leveraging the fragmented $85 million waste collection market and drive revenue and earnings growth through additional acquisitions.
To discover more about Warrington’s Windtree Therapeutics’ expansion into waste management, read the full article in the Philadelphia Business Journal.
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