Heritage-Crystal Clean, Inc. raised $69.7 million in its upsized follow-on offering at $20.50 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters fully exercised their option to purchase an additional 443,479 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares from the offering will be used by Heritage-Crystal Clean, Inc. to reduce a portion of their indebtedness and for general corporate purposes, which may include the addition of re-refining capacity via expansion of our existing re-refinery, construction of a new re-refinery, acquisitions or investments in existing re-refineries and/or acquisitions of used oil collection capacity.
Heritage-Crystal Clean, Inc. (NASDAQ: HCCI) provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services to small and mid-sized customers in both the manufacturing and automotive service sectors. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, and vacuum truck services. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Our customers include businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms, as well as small manufacturers, such as metal product fabricators and printers. Through our used oil re-refining program, we recycle used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 67 branches serving over 58,000 customer locations.