Quanta Capital Holdings Limited said yesterday that it completed the sale of Environmental Strategies Consulting LLC (ESC) to WSP Environmental Holdings, Inc. on September 15. The sale resulted in proceeds of $11.3 million in cash plus forgiveness of inter-company debt of approximately $1.0 million, subject to certain post-closing adjustments.

James Ritchie, the company?s chairman said: ?The sale of ESC represents a successful first step in the pursuit of harnessing value for our shareholders, generating proceeds in excess of ESC?s tangible book value.

?While Quanta?s insurance companies have ceased writing environmental policies that complemented ESC?s ongoing environmental consulting business, we believe ESC is well positioned to enjoy good business opportunities as part of WSP Environmental Holdings.?

?I want to thank the employees of ESC for their hard work with Quanta and wish them every success.?