Community Waste Recycling Limited / Viridor Waste Management Limited, a subsidiary of Pennon Group plc
Cavendish advises on the sale of Community Waste Recycling Limited.Cavendish Corporate Finance LLP is pleased to announce its fourth deal closing in November 2011 with the sale of Milton Keynes-based materials recycling and commodities trading business Community Waste Recycling Ltd to Viridor, a subsidiary of Pennon Group plc. The consideration was £15.75 million.
Community Waste’s principal operation is the materials recycling facility (“MRF”) in Milton Keynes, Buckinghamshire. It operates this site on behalf of Milton Keynes Council under an innovative contract expiring in 2024 under which it shares the benefit of commodities trading profits with the council. The plant is licensed to handle 150,000 tonnes of material a year, processing co-mingled dry recyclables sourced from Milton Keynes and other local authorities. Community Waste also operates its own smaller MRF in Enstone, (near Oxford) with a capacity of 50,000 tonnes, processing municipal and commercial recyclables; its commodities trading team is located in London. Across all three sites, the business employs 150 people.
The shareholders appointed Cavendish to advise on the sale process following a number of unsolicited approaches from parties wishing to acquire the business. Cavendish then began a competitive sale process approaching both UK and overseas buyers. Viridor was selected as the preferred buyer as it met all the key goals of the shareholders in terms of deal value, on-going roles for management and staff and future development of the business.
The deal was led by Cavendish partner Andrew Jeffs.
Bruce Terrell, Community Waste’s managing director, said: “We would like to thank the Cavendish team for negotiating this transaction on our behalf. They played a key role in getting a resolution to all of the various issues that inevitably arose, and were focused on getting the deal done”.
“We are delighted with the support received from the finnCap Cavendish team throughout this process. Mike and the team ensured that we prepared meticulously, identified the right pool of potential investors and worked closely with us, the management team and our legal advisers to deliver a great outcome for the Shareholders. We wish the Intelling team and RDCP all the best in their next phase of growth.”
“This transaction is a hugely important step in the company’s development, strongly positioning the business for its next phase of growth, allowing us to meet the growing need for secondary school students to learn in an independent, fluid and remote manner.”
“Cortland shares our core values and our customers focus, and their additional resources will help us accelerate our growth in the UK market.”
“Thank you to John and your fantastic team at FinnCap Cavendish for your unwavering support, dedication, work ethic and belief in Xexec’s mission. John, Mike and Sam were instrumental in bringing the deal to a successful completion and provided invaluable guidance throughout the process.
We look forward to our new partnership with the Castik and Abry teams who are the ideal partners as we continue to expand our business and pursue the next phase of our strategy.”
‘The finnCapCavendish team were great to work with, they took time to listen, properly understand our objectives and tailored the process to get a fantastic result for us. They really understood the value drivers in the ICT sector and had access to all the key buyers for our business, they were able to efficiently manage the sale process maintaining the great relationship we’d built we Adept as our preferred buyer.’
“Thank you to Jon, Steph and Chirag for their tireless efforts in recent months. Jon offered invaluable leadership and strategic advice, while Chirag and Steph provided diligent and supportive guidance throughout. They also behaved throughout as one would expect friends and confidants to act, which is very helpful in a confidential situation. We were delighted with the result and very, very pleased to have had the three of them as our team.”
“Cavendish has a great brand and great people, and from the moment the appointment was made, we knew we were in safe hands. The Cavendish team of Andrew, Steve and Paris delivered the right advice at all times. The strength of their international reach brought parties to the table including ZEDRA who we would never have found ourselves and who saw the potential in our business and our team. Cavendish controlled the process and the negotiations throughout. They also understood how we felt as founders to be selling a business we had built over 12 years. Many thanks once again to the Cavendish team – I would highly recommend them.”
“This deal represents a fantastic opportunity for our investors to support an established and well managed business with an excellent reputation in the facilities management sector. We are delighted with the debt financing package arranged by finnCap, which was a critical element to the completion of the transaction. We were extremely pleased with how the process was managed by the finnCap Debt Advisory Team, which provided us with optionality to select the most appropriate banking partner for CMS.”
I would thoroughly recommend Andrew and Rebecca and the Cavendish team to anyone looking to maximise the proceeds from a disposal or asset sale. The Cavendish team are both consummate professionals, focused on delivery and pragmatic and flexible in their approach to helping their clients achieve their objectives. I would not hesitate to recommend them and would hope to work with them on future projects. They provide great value.
“It was a great pleasure to work with the Cavendish team once again. Having successfully worked together on the sale of our Payroll business in 2018, Cavendish were our natural choice of advisors. The team demonstrated a deep understanding of the sector and provided sound and trusted advice throughout the process.
We are confident the business will continue to flourish under IRIS Software Group’s ownership, further developing and delivering our market-leading software to new markets, and we look forward to working together during this next chapter.”
Recent Deals for Business Services Sector
Intelling Group Limited
GCSEPod (Soundbite Learning)
Debt Advisory | Private Equity
Castik Capital & Abry Partners