Biffa PLC (LON:BIFF) has agreed to buy the waste collections business and some recycling assets from Viridor Waste Management Ltd for £126mln.
This acquisition expands its collections business and recycling capabilities, said Biffa in a statement, while "solidifying its leading position in UK sustainable waste management".
These Viridor divisions, part of a wider waste management business bought by private equity firm KKR from Pennon Group for £4.2bn last year, generated revenues of £85mln in 2020 stemming mostly from bin collections for local councils with a further £39mln from waste recycling and treatment facilities.
Biffa said it believes it can increase route density in line with its plan to boost collection efficiency from 2019 by a further 20% by 2030.
The waste group is targeting savings of at least £10mln and improved efficiencies to help drive margin enhancement across the Viridor Collections operations, said the statement - link - more like this - link
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