Acquisitive waste management group Tox Free Solutions has bought a Toowoomba-based business to help it gain exposure to the growing coal seam gas business.
The company paid $4.9 million for Absolute Liquid Waste Services, which includes $2.5 million in assets owed by the firm.
Tox Free said Absolute was on track to deliver EBITDA of $1.3 million this financial year, with significant growth expected from the coal seam gas sector west of Toowoomba.
"Absolute has a long-term contract with QGC to provide waste services for their upstream drilling campaign," the company said.
Toxfree said it expected to improve the financial performance of the business through organic growth, introduction of further industrial and waste services and synergies with Toxfree's other operations in Roma.
Tox Free shares were up nine cents, or 3.26 per cent, to $2.85 at 9.20am.
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