PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) has completed the sale of its Reed Minerals business to Speyside Equity for $45 million. This move is part of Enviri’s strategy to reduce debt and strengthen its financial position, exceeding its target of $50 to $75 million in asset sales set for 2024.
Nick Grasberger, Chairman and CEO of Enviri, stated, “Divesting Reed Minerals is yet another noteworthy transaction for Enviri as we continue to transform our business portfolio to focus on core markets and reduce our financial leverage.” He acknowledged the contributions of the Reed Minerals team and expressed confidence that Speyside will drive growth and innovation in the business.
Erik Wiklendt, Managing Director at Speyside Equity, shared his excitement about the acquisition, saying, “We look forward to working with the Enviri and Reed Minerals management teams and employees to build on this great company.” Speyside intends to use its market experience and resources to enhance Reed Minerals’ success.
Advisors for the transaction included Fifth Third Securities for financial guidance and Squire Patton Boggs (US) LLP for legal advice. This sale marks a significant step in Enviri’s commitment to focusing on core markets and achieving greater financial flexibility.
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