12th Mar 2019 10:13
LONDON (Alliance News) - Biffa PLC on Tuesday said it has bought Specialist Waste Recycling Ltd from a consortium of investors for a cash sum of GBP25.8 million.
The waste management firm covered the costs of the acquisition from its existing cash and debt facilities.
In 2018, Specialist Waste Recycling generated revenue of GBP40.1 million, and an adjusted earnings before interest, taxes, depreciation and amortisation run rate of GBP3.5 million.
"The acquisition of Specialist Waste Recycling represents a compelling opportunity for Biffa and provides further evidence of our ability to identify and execute cash flow enhancing and earnings accretive acquisitions," Chief Executive Michael Topham said.
He added: "Bringing together SWR with Biffa's leading Industrial & Commercial business will strengthen our offering while enabling us to profitably leverage our national network."
Biffa shares were flat at 205.00 pence each on Tuesday morning.
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