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”.
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