Acquisition boosts Heritage-Crystal Clean 1Q revenues 27 percent

ELGIN - Heritage-Crystal Clean said its recent acquisition of FCC Environmental helped revenues in the first quarter of fiscal 2015 grow by 27.4 percent.

The provider of parts cleaning, used oil re-refining, and hazardous and nonhazardous waste services reported first quarter revenues of $84 million, up from $66 million in the first quarter of fiscal 2014.

In addition to the acquisition, the company said growth in its Environmental Services segment helped fuel the growth. That segment's revenues increased $14 million, or 35.9 percent, compared to the first quarter of fiscal 2014. The Environmental Services segment includes parts cleaning, containerized waste, and vacuum services.

The company's Oil Business revenues increased $4.1 million, to $31.2 million from $27.1 million in the first quarter of fiscal 2014, mainly from sales of Recycled Fuel Oil as a result of the acquisition of FCCE.

"We are pleased to announce that the integration is substantially complete and that we have already started to realize the benefits of this acquisition," said company Founder, President, and Chief Executive Officer Joe Chalhoub. "We expect that we will realize annual synergies at or above our original target of $20 million, starting in the second quarter of 2015."