Fri, 09 Oct 2020 | BUSINESS SALE
Biffa has announced the acquisition of industrial and commercial (I&C) waste collection firm Simply Waste Solutions for an upfront debt and cash free consideration of £35 million.
The 100 per cent acquisition of the share capital of Camo Limited, which trades as Simply Waste Solutions, will be funded by existing committed debt facilities. Depending on the business’ performance through to March 31 2021, a potential further consideration which could rise to £5 million may become payable.
Simply Waste Solutions operates in the south of England, with locations in West London, Bristol and Oxfordshire. The business will merge with Biffa’s I&C collection network, with the aim of creating an enhanced customer proposition, as well as a more efficient, lower-carbon collection network.
The acquisition forms part of Biffa’s strategy to expand its I&C operations and consolidate its leading position in the highly fragmented market. Biffa’s sustainability strategy also aims for the company to become the UK’s most efficient, low-carbon collection provider.
Biffa Chief Executive Michael Topham commented: “The acquisition of Simply Waste demonstrates further progress against our strategic plans. We have a clear focus to grow our Industrial and Commercial business through acquisitions as a natural consolidator within this fragmented market.”
“We are delighted to welcome the Simply Waste team and their customers to Biffa. Simply Waste has an excellent reputation, complementing Biffa’s existing footprint in the south of England, and I am confident that this acquisition will enhance the strength of our service offering in the region for our combined customers.”
Simply Waste Solutions Chief Executive and majority owner James Capel said: “Simply Waste is a fast growing and innovative business with its people and customers at the heart of everything it does.”
“I am delighted that the acquisition of Simply Waste by Biffa will build on these values and that the combined business will help deliver an even stronger and more efficient business. I am proud to have led this business from start up to exit and look forward to helping bring the businesses together.”
In the year ended March 31 2020, Simply Waste Solutions had revenue of £32 million, with EBITDA of £5.2 million and operating profits coming to £3.1 million. The company’s gross assets were valued at £16.4 million.
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