Fri, 27 Jan 2012 | BUSINESS SALE
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.”
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
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