February 6, 2023
A team of Stroock attorneys led by partners Scott Le Bouef, Brian Rogers, Richard Madris and Jeffrey Lowenthal helped guide leading specialty oil refiner and marketer Vertex Energy, Inc. in the sale of their Heartland used motor oil (UMO) refinery in Ohio, and their associated Heartland UMO collections business, to a wholly owned subsidiary of GFL Environmental, Inc. ("GFL") for total cash consideration of $90 million. The transaction helps Vertex continue to evaluate potential investment opportunities across the renewable energy markets.
"We believe that the divestiture of our used motor oil business at Heartland, while a significant element of our Company’s history and roots, will reflect another step forward in the greater transformation of our business into an energy transition story of scale,” stated Benjamin P. Cowart, President and CEO of Vertex. “We remain highly focused on the execution of our conventional fuels refining strategy and the development of a large-scale, sustainable fuels production business longer-term.”
The Stroock deal team also included Spencer Caldwell-McMillan, Katherine Nuñez, Vivian Prieto, Carmen Otey and Jovhann Egalite.
More information can be found here.
February 6, 2023
A team of Stroock attorneys led by partners Scott Le Bouef, Brian Rogers, Richard Madris and Jeffrey Lowenthal helped guide leading specialty oil refiner and marketer Vertex Energy, Inc. in the sale of their Heartland used motor oil (UMO) refinery in Ohio, and their associated Heartland UMO collections business, to a wholly owned subsidiary of GFL Environmental, Inc. ("GFL") for total cash consideration of $90 million. The transaction helps Vertex continue to evaluate potential investment opportunities across the renewable energy markets.
"We believe that the divestiture of our used motor oil business at Heartland, while a significant element of our Company’s history and roots, will reflect another step forward in the greater transformation of our business into an energy transition story of scale,” stated Benjamin P. Cowart, President and CEO of Vertex. “We remain highly focused on the execution of our conventional fuels refining strategy and the development of a large-scale, sustainable fuels production business longer-term.”
The Stroock deal team also included Spencer Caldwell-McMillan, Katherine Nuñez, Vivian Prieto, Carmen Otey and Jovhann Egalite.
More information can be found here.
