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Mergers & acquisitions update


  • There has been a recent concentration of deal volumes in the recycling and hazardous waste sectors, with the fragmented market in this subsector and the regulatory environment still providing a significant number of opportunities.
  • 2010 deals have shown signs of a move away from waste to energy, medical waste and landfill. The latter two in particular have developed into mature markets, with limited growth opportunities, which may be driving this decline in volumes. With regard to waste to energy, it may be that uncertainty in regard to the regulatory regime, in particular with regard to grandfathering rights, is leading to a reduction in deal volumes.
  • 2010 has seen a return to deals involving quality businesses and to higher deal values, with individual deals taking place in both Q1 and Q2 at values in excess of £60m.


  • The major deal of the quarter was the acquisition by Biffa of Greenstar. The £135m transaction will cement Biffa’s position as a leading integrated collection, recycling, resource recovery and energy-from-waste provider in the UK. Mark Keough, CEO of Biffa, commented in the firm’s press release that the acquisition “significantly accelerates Biffa’s strategic plans to transition to a recycling and energy-from-waste focused integrated waste management firm”.

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