Biffa, one of the UK’s leading integrated waste management companies, is pleased to announce that it has reached an agreement to acquire Cory Environmental Municipal Services Ltd (‘CEMS’), the Municipal and Industrial & Commercial (‘I&C’) business of Cory Environmental Group, for a total consideration of £13.5 million. For the year ended December 2015, CEMS reported revenues of around £34 million and the business employs 800 people.
In Municipal, Biffa will take on four major Local Authority contracts providing waste and recycling collection services in Cornwall, Lincoln, Rutland and Tunbridge Wells. The Cornwall contract is one of the largest outsourced contracts in the UK covering street and beach cleansing as well as household waste and recycling services.
In I&C, Biffa will take over the provision of commercial waste collection and recycling services to an anticipated customer base of approximately 7,000, predominately in the South West and South East, offering compaction, exchange, confidential waste collection and other related specialist services.
Ian Wakelin, chief executive of Biffa, said: “This is an important acquisition for us. We believe that it will significantly strengthen our positions in the UK I&C and Municipal market segments, in which we already hold the number one and number two positions respectively.
“This transaction provides further proof that Biffa is a natural consolidator in the industry, with the technology, scale, reputation and expertise to grow and build upon our market leading positions in the UK.
“We are delighted to welcome CEMS to Biffa.”
Alex Zachary, partner in the corporate and commercial team at B P Collins, added: “We are very pleased to have helped Biffa further cement its position as one of UK’s leading integrated waste management companies by advising on this important acquisition.”