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21 June 2010

Disposal: Greenstar Group deal report

B P Collins' corporate team, in conjunction with Arthur Cox (a leading Irish law firm), acted for NTR plc, the international renewable energy group, in connection with the proposed sale of the UK based Greenstar Group for a consideration of £135 million to Montagu Private Equity ("Montagu") and Global Infrastructure Partners ("GIP"). Montagu and GIP are the controlling shareholders of Biffa, one of the UK's leading waste management and energy recovery businesses.

The Greenstar Group is one of the premier recycling-led waste management service providers in the UK and its operations provide recycling waste management solutions to a large number of blue chip clients in the commercial and industrial sectors. The business employs over 2,000 people, has a truck fleet of 569 vehicles providing collection services to 23 local authorities and over 900,000 homes. The business also operates some of the largest materials recycling facilities in the UK and has an advanced position in a number of UK Energy-from-Waste PFI bids.

B P Collins has worked closely with NTR plc and the Greenstar Group since 2003, assisting with a series of acquisitions and contractual negotiations which have ensured the successful development of Greenstar's national network of fully integrated collection and processing services.

The transaction, which is subject to regulatory and various other approvals, arises from a strategic review by NTR of its business portfolio. "The Greenstar UK team, with the support of NTR plc, have built a premier sustainable waste management business that has attracted the strategic interest of one of the leading players in the country. Greenstar UK is on the cusp of significant further growth opportunities and with competing demands for resources from the other parts of our portfolio, this transaction both releases substantial cash reserves for NTR and opens up new sources of funding for Greenstar UK," said Jim Barry, Chief Executive, NTR plc.

Alex Zachary, partner in the corporate and commercial team comments: "We are proud to have worked with Greenstar's management team since the inception of the business and to have helped them during a period of dynamic growth. Our solid understanding of Greenstar's business and the sector more generally has enabled us to fully support the business as it has evolved and matured."

The legal teams:

The B P Collins team worked alongside Arthur Cox, a leading Irish law firm. Slaughter and May provided NTR plc with competition clearance advice. Montagu and GIP were represented by Linklaters.

Alex Zachary

Alex Zachary

Tel: 01753 279022

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Email: enquiries@bpcollins.co.uk

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