Biffa wastes no time in snapping up Viridor assets for £126m
Biffa this morning said it would buy fellow waste management firm Viridor’s collections business, as well as some recycling assets, for £126m.
By buying a nationwide UK collections and recycling portfolio, the FTSE 250 firm said it was cementing its market leading position.
The acquisition is yet another move by the bin firm to consolidate a previously diverse industry.
Since 2013, it has snapped up 45 firms, such as surplus food collectors Company Shop.
Commenting on the deal, chief executive Michael Topham said: “The acquisition of Viridor’s Collections business, and certain Recycling assets, is a compelling opportunity for Biffa.
“The addition of Viridor’s £85m collections revenues builds on the Group’s strong track record as the leading market consolidator in the highly fragmented collections market.
“In addition, the acquired recycling and treatment assets broadens our coverage and control of materials, strengthening Biffa’s position as one of the largest recyclers of post-consumer materials in UK.”
Subject to CMA approval, the deal is expected to complete in August.