Redishred Capital Corp. Acquires Select Shred in Florida

MISSISSAUGA, ON / ACCESSWIRE / June 3, 2024 / Redishred Capital Corp. (TSXV:KUT) has announced the completion of its acquisition of SelectShred, Inc., effective May 31, 2024. Select Shred, which made around $0.3 million USD in revenue in 2023, offers on-site paper and hard drive shredding, product destruction, and paper recycling services.

Redishred highlights that Select Shred's pro forma EBITDA margin is estimated between 35% and 40%. This acquisition aims to enhance Redishred's cash flows and earnings per share. The purchase includes trucks, containers, client relationships, and other assets essential for shredding and recycling operations.

Kasia Pawluk, Redishred's Senior Vice President of Acquisitions, stated that this acquisition will help the company expand in the Fort Lauderdale, West Palm Beach, and Port St. Lucie areas. The purchase price, including earnouts, is estimated between $0.4 million and $0.5 million USD and was financed through Redishred's senior credit facility.