Greenstar is to acquire Veolia Environmental Services Irish and Northern Irish commercial and recycling operations making it the largest recycling and waste management firm in Ireland.
Veolia decided to sell this part of the firm under its asset disposal programme announced in March this year. The deal does not include Veolias hazardous waste management business in Ireland.
Greenstar chief executive Neil Parkinson said: This acquisition enables Greenstar to bring increased efficiency to its operations, drive better and innovative recycling and further improve the price and product offering to its customers.
The agreement, which is subject to Competition Authority approval, will enable Greenstar to strengthen its services in Dublin, Cork and Waterford and expand to Limerick. It will also create Greenstars first operation in Northern Ireland where Veolia has a materials recycling facility. Furthermore, 3,500 corporate customers and 60,000 domestic customers will be added to its existing 10,000 customers.
Veolia Environmental Services Northern Europe executive chairman Jean-Dominique Mallet said: I am very pleased that we have reached agreement with Greenstar and am confident that the new owners will continue to bring real benefits to the customer base. Veolia looks forward to developing its hazardous waste business in the Irish market.
The acquisition comes after Greenstar successfully refinanced a €120 million debt facility in September.