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Cory sold for £588 million

One of the UKs leading waste management companies has been sold to a consortium for £588 million in a deal expected to be completed by the end of March.

Montagu Private Equity has agreed to a sale which will see Cory Environmental move into the hands of long term infrastructure investors ABN AMRO Global Infrastructure Fund, Finpro SGPS and Santander Private Equity on behalf of Santander Infrastructure Funds One and Two.

Cory operates ten landfill sites across the UK and has contracts for recycling, street cleaning and waste collection stretching from Lincolnshire to Cornwall.

It is perhaps best known for operating barges on the River Thames which help to transfer around 15% of Londons waste and removes 100,000 lorry movements per year from the capitals roads.

Montagu acquired the company from Exel in 2005 and since then has expanded its available landfill capacity by 50%, grown revenues from £130 million to over £180 million and signed contracts with Gloucestershire, Walsall, Milton Keynes, Lincoln and Epping Forest councils.

It has also substantially advanced plans for a 585,000 tonnes per annum energy from waste facility planned to be built in Belvedere, Kent.

Montagu director Jason Gatenby said: Working with Montagu, the first rate Cory management team has executed a highly successful growth strategy.

They have grown the workforce by 20% in two years, increased both revenues and long term capacity by 50%, won important new clients and maintained industry leading operating and environmental standards. Cory has excellent growth prospects and we wish everyone at Cory well for the future.

The management team has agreed to remain in place during the next stage of Corys development, while Deutsche Bank AG London is acting as sole financial adviser to Montagu in relation to the transaction.

Cory chief executive Malcolm Ward said: It is very much a case of business as usual. We will strive to retain our industry leading environmental and safety records, provide our current customers with continued excellence of service and continue to seek out new opportunities to grow and develop our business.

 

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