Green technology firm TEG has put itself on the market after potential bidders made their interest known.
TEG, develops plants to turn household waste into compost from its base in Chorley, Lancashire. It also processes waste from local authorities, beverage, food and catering firms, and from the water, agricultural, oil and fishery sectors.
It has appointed KPMG to carry out a strategic review, with options including a sale, joint venture or partnership. An asking price for the business has not been disclosed. Interested parties Bridges Ventures, which has a 22 per cent stake, and construction and support service provider Kier Group have until 20th February to decide whether to make an offer.
A buyer would be able to put in the funds to “significantly accelerate the company’s growth,” TEG said.
It has a £38 million contract with Greater Manchester Waste Authority to create four organic waste plants. Three – in Rochdale, Stockport and Trafford – have been completed. The final job in Bolton is outstanding, and may be cancelled after several delays.
The firm commented on the possible sale: “These discussions are at a very early stage and there can be no certainty that an offer can be made.
“In addition, as part of the strategic review process, the board is considering a number of the alternative investment structures including investment at the operating company and project level and is in discussion with other potential investors.”
