HSW RR, Inc. Asset Purchase
10-K - Feb 26, 2020
On August 2, 2019, we entered into an Asset Purchase Agreement (the “Agreement”) to purchase substantially all of the assets of HSW RR, Inc., a Delaware corporation (“HSW”) and certain related asse...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Chemed Corporation
CHEActiveCIK 19584 · Environmental Services Adjacency
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CHE filings, SEC EDGAR
$5,632
Market cap ($MM)
$5,852
Enterprise value ($MM)
$2,541
Revenue · LTM ($MM)
$413
EBITDA · LTM ($MM)
16%
EBITDA margin
2.3x
EV / revenue
14.2x
EV / EBITDA
0.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CHE is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is RBA, KEX, DCI, GRC, AQN, WAAS.
Balance sheet & capacity
Indicative capacity read: 0.2x net debt / EBITDA with EBITDA of $413MM.
$17
Cash & equiv. ($MM)
$91
Total debt ($MM)
$74
Net debt ($MM)
0.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CHE versus the scaled public Environmental Services Adjacency comparables.
Indexed share-price performance
CHE versus available Environmental Services Adjacency peers and SPY.
-11%
CHE
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Chemed Corporation | CHE | $2,541 | $413 | 16% | $5,632 | $5,852 | 2.3x | 14.2x | 0.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CHE's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
51
Active years
4
Named deals
10
Avg / active year
12.8
Acq. cash outflow ($MM)
N/A
Banker read
- 01CHE reads as a programmatic acquirer: 51 disclosed acquisitions across 4 active years, or 12.8 per active year. The chart shows activity in 4 of the last 4 visible years.
- 02In the last three years, the file shows 10 acquisitions versus 1 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $109MM of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $97.4MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
CHE count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
10 / 1
Last three years is up 900% vs prior three.
Peak count year
FY22
4 disclosed acquisitions in the peak visible year.
Recent spend
$105MM
is up 2814% vs prior three; peak FY24 at $97.4MM.
Named evidence
10 rows
20% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Sep 16, 2019 | HSW RR, Inc. | Adjacency and edge-case industrials | $121 | On August 2, 2019, we entered into an Asset Purchase Agreement (the “Agreement”) to purchase substantially all of the assets of HSW RR, Inc., a Delaware corporation (“HSW”) and... | 10-K† |
| Sep 16, 2019 | HSW RR, Inc. | Adjacency and edge-case industrials | $121 | On August 2, 2019, we entered into an Asset Purchase Agreement (the “Agreement”) to purchase substantially all of the assets of HSW RR, Inc., a Delaware corporation (“HSW”) and... | 10-K† |
| Jul 1, 2019 | Oakland Roto-Rooter franchise acquisition | Adjacency and edge-case industrials | $18 | On July 1, 2019, we completed the acquisition of a Roto-Rooter franchise and the related assets in Oakland, CA for $18.0 million in cash. | 10-K† |
| Dec 21, 1992 | The Veratex Corporation and related businesses | Adjacency and edge-case industrials | $63,634 | On December 21, 1992, the Company acquired The Veratex Corporation and related businesses (“Veratex Group”) from Omnicare, Inc. The purchase price was $62,120,000 in cash paid a... | 10-K† |
| Sep 1, 2019 | HSW RR, Inc. | Adjacency and edge-case industrials | $121 | As described in Notes 1 and 7 to the consolidated financial statements, in September 2019, the Company completed the acquisition of substantially all of the assets of HSW RR, In... | 10-K† |
| Apr 17, 2024 | Covenant Health and Community Services, Inc d/b/a/ Covenant Care | Adjacency and edge-case industrials | $85 | On April 17, 2024, VITAS completed the purchase of all hospice operations and an assisted living facility from Covenant Health and Community Services, Inc d/b/a/ Covenant Care (... | 10-K† |
| Apr 17, 2024 | Covenant Health and Community Services, Inc d/b/a Covenant Care | Adjacency and edge-case industrials | $85 | On April 17, 2024, VITAS completed the purchase of all hospice operations and an assisted living facility from Covenant Health and Community Services, Inc d/b/a/ Covenant Care (... | 10-K† |
| Jan 1, 2024 | Covenant Health and Community Services, Inc d/b/a/ Covenant Care | Adjacency and edge-case industrials | $85 | VITAS completed the purchase of all hospice operations and an assisted living facility from Covenant Health and Community Services, Inc d/b/a/ Covenant Care (“Covenant”) for an... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 7 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
7
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 27, 2026 | Annual M&A 10-K | accepted | 1 | $0.2MM | $0.2MM | SEC filing |
| FY2024 | Feb 28, 2025 | Annual M&A 10-K | accepted | 4 | $97.4MM | $97.4MM | SEC filing |
| FY2023 | Feb 29, 2024 | Annual M&A 10-K | accepted | 2 | $4.0MM | $4.0MM | SEC filing |
| FY2022 | Feb 27, 2023 | Annual M&A 10-K | accepted | 4 | $3.5MM | $3.5MM | SEC filing |
| FY2021 | Feb 28, 2022 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2020 | Feb 26, 2021 | Annual M&A 10-K | accepted | 1 | $3.6MM | $2.2MM | SEC filing |
| FY2019 | Feb 26, 2020 | Annual M&A 10-K | quarantined (1 issue) | 2 | $139MM | $139MM | SEC filing |
| FY2018 | Feb 27, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Feb 26, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Feb 27, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Feb 26, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 27, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 27, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 27, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 28, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 27, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2007 | Feb 28, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Feb 28, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Mar 16, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 28, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Mar 12, 2004 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 6 | $3.9MM | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 27, 2026 | 10-K | Covenant Health and Community Services, Inc d/b/a/ Covenant Care | Annual M&ANamed deals | SEC filing |
| Feb 28, 2025 | 10-K | Covenant Health and Community Services, Inc d/b/a Covenant Care | Annual M&ANamed deals | SEC filing |
| Feb 29, 2024 | 10-K | Oakland, CA franchise acquisition | Annual M&ANamed deals | SEC filing |
| Feb 28, 2022 | 10-K | HSW RR, Inc.; Oakland Roto-Rooter franchise acquisition | Annual M&ANamed deals | SEC filing |
| Feb 26, 2020 | 10-K | HSW RR, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 27, 2009 | 10-K | The Veratex Corporation and related businesses | Annual M&ANamed deals | SEC filing |
| Feb 28, 2008 | 10-K | The Veratex Corporation and related businesses | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
HSW RR, Inc. acquisition
10-K - Feb 28, 2022
On August 2, 2019, we entered into an Asset Purchase Agreement (the “Agreement”) to purchase substantially all of the assets of HSW RR, Inc., a Delaware corporation (“HSW”) and certain related asse...
Oakland Roto-Rooter franchise acquisition
10-K - Feb 28, 2022
On July 1, 2019, we completed the acquisition of a Roto-Rooter franchise and the related assets in Oakland, CA for $18.0 million in cash.
The Veratex Corporation acquisition
10-K - Feb 28, 2008
On December 21, 1992, the Company acquired The Veratex Corporation and related businesses (“Veratex Group”) from Omnicare, Inc. The purchase price was $62,120,000 in cash paid at closing, plus a po...
Acquisition of substantially all of the assets of HSW RR, Inc.
10-K - Feb 26, 2020
As described in Notes 1 and 7 to the consolidated financial statements, in September 2019, the Company completed the acquisition of substantially all of the assets of HSW RR, Inc. for $120 million,...
VITAS acquisition of hospice operations and assisted living facility from Covenant Care
10-K - Feb 27, 2026
On April 17, 2024, VITAS completed the purchase of all hospice operations and an assisted living facility from Covenant Health and Community Services, Inc d/b/a/ Covenant Care (“Covenant”) for an a...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.