Biffa plc Acquisition of Weir Waste Services Limited (0912Y)
17 August 2018 - 4:00PM
UK Regulatory
TIDMBIFF
RNS Number : 0912Y
Biffa plc
17 August 2018
17 August 2018
Biffa plc
("Biffa" or "the Company")
Acquisition of Weir Waste Services Limited for GBP16.2m
Biffa, a leading UK integrated waste management company,
announces that it has today acquired Weir Waste Services Limited
('WWS' or 'Weir Waste'), a leading provider of waste and recycling
solutions in Birmingham and the West Midlands region.
WWS has been acquired for a consideration plus debt taken on of
c. GBP16.2 million, funded from Biffa's existing cash and debt
facilities.
For the year ending 31(st) May 2017, WWS generated revenues of
GBP16.1 million, had a reported EBITDA of GBP2.2 million, operating
profit of GBP1.1 million and gross assets of GBP14.5 million, and
has a workforce of c.120 people.
WWS is highly complementary to Biffa's existing business,
combining a commercial collection business which serves c. 1,600
customers, and operates a frontline fleet of c. 45 vehicles and a
substantial recycling and waste treatment operation from a
seven-acre freehold site at a key location in Birmingham.
The business will be incorporated into Biffa's Industrial &
Commercial division, enabling the combined business to broaden its
customer offering throughout Birmingham and the West Midlands and
to deliver operational and procurement benefits. The addition of
WWS's infrastructure to Biffa will further enhance its capabilities
in the region.
Biffa announces a further 3 acquisitions in the current
financial year
Biffa also announces that it has agreed a further three
acquisitions in the current financial year for a total
consideration plus debt taken on of GBP3.9 million, adding annual
revenue of c.GBP4.9 million, comprising: the trade and assets of
H&A Recycling Limited (subject to satisfaction of certain
conditions), a commercial waste collection and recycling business
in Cornwall; the trade and assets of Bisset Waste Management
Limited, a commercial waste collection business in Scotland, and
certain trade and assets of Vecta Group Limited, a waste collection
business in East London. All three acquisitions will also be
incorporated into Biffa's Industrial & Commercial division.
Michael Topham, Chief Financial Officer and CEO - designate of
Biffa, said:
"The acquisitions we have announced today demonstrate our
ongoing ability to identify and execute value accretive
acquisitions across the UK.
The Weir Waste business significantly strengthens our presence
and customer offer in Birmingham and the Midlands while the other
acquisitions further enhance our platform in their respective
markets.
We welcome the staff and customers of these businesses to
Biffa."
ENQUIRIES:
Ian Wakelin, Chief Executive Officer
Michael Topham, Chief Financial Officer
ir@biffa.co.uk
Instinctif Partners +44 (0) 20 7457 2020
Mark Garraway +44 (0) 7771 860 938
Helen Tarbet +44 (0) 7825 609 737
James Gray +44 (0) 7583 936 031
biffa@instinctif.com
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements
and unaudited financial information that are subject to the usual
risk factors and uncertainties associated with the Company's
business. Whilst the Company believes the expectations reflected
herein to be reasonable in light of the information available to
them at this time, the actual outcome may be materially different
owing to factors beyond the Company's control or within the
Company's control where, for example, the Company decides on a
change of plan or strategy. Accordingly, no reliance may be placed
on the figures contained in such forward-looking statements or
unaudited financial information.
About Biffa
Biffa is a leading UK-based integrated waste management
business. The Group operates across the breadth of the waste
management value chain, including the collection, treatment,
processing and disposal of waste and recyclable materials, as well
as related work in the production and sale of energy derived from
waste and the sale of recovered commodities such as paper, glass,
metals and plastic. Biffa's customer base for these services
includes local authorities (which includes the collection of waste
from households), large corporates and SMEs, and purchasers of
end-product commodities and energy. The Group's services are
organised across four operating divisions: Industrial &
Commercial; Municipal; Resource Recovery & Treatment
(RR&T); and Energy. In FY 2018, the Group's total revenue was
GBP1,076.7 million and its Underlying EBITDA was GBP150.0 million.
Biffa was admitted to trading on the London Stock Exchange's main
market for listed securities in October 2016 under the ticker
"BIFF".
For more information visit www.biffa.co.uk
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END
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