17 August 2018
(“Biffa” or “the Company”)
Acquisition of Weir Waste Services Limited for £16.2m
Biffa, a leading UK integrated waste management company, announces that it has today acquired Weir Waste Services Limited (‘WWS’ or ‘Weir Waste’), a leading provider of waste and recycling solutions in the Birmingham and the West Midlands region.
WWS has been acquired for a consideration plus debt taken on of c. £16.2m, funded from Biffa’s existing cash and debt facilities.
For the year ending 31st May 2017, WWS generated revenues of £16.1 million, had reported EBITDA of £2.2 million, operating profit of £1.1 million and gross assets of £14.5 million, and has a workforce of c. 120 people.
WWS is highly complimentary to Biffa’s existing business, combining a commercial collection businesses which serves c. 1,600 customer and operated a frontline fleet of c. 45 vehicles and a substantial recycling and waste treatment operation from a seven-acre freehold site at a key location in Birmingham.
The business will be incorporated into Biffa’s Industrial & Commercial division, enabling the combined business to improve its customer offer throughout Birmingham and the West Midlands and to deliver operational and procurement benefits. The addition of WWS’s recycling operations to Biffa will further enhance its recycling capabilities in the region.
Michael Topham, Chief Financial Officer and CEO – designate of Biffa, said:
“The acquisitions we have announced today demonstrate our ongoing ability to identify and execute value accretive acquisitions across the UK.
The Weir Waste business significantly strengthens our presence and customer offer in Birmingham and the Midlands while the other acquisitions further enhance our platform in their respective markets.
We welcome the staff and customers of these businesses to Biffa.”
Ian Wakelin, Chief Executive Officer
Michael Topham, Chief Financial Officer
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