Community Waste Recycling Limited / Viridor Waste Management Limited, a subsidiary of Pennon Group plc
Cavendish advises on the sale of Community Waste Recycling Limited.Cavendish Corporate Finance LLP is pleased to announce its fourth deal closing in November 2011 with the sale of Milton Keynes-based materials recycling and commodities trading business Community Waste Recycling Ltd to Viridor, a subsidiary of Pennon Group plc. The consideration was £15.75 million.
Community Waste’s principal operation is the materials recycling facility (“MRF”) in Milton Keynes, Buckinghamshire. It operates this site on behalf of Milton Keynes Council under an innovative contract expiring in 2024 under which it shares the benefit of commodities trading profits with the council. The plant is licensed to handle 150,000 tonnes of material a year, processing co-mingled dry recyclables sourced from Milton Keynes and other local authorities. Community Waste also operates its own smaller MRF in Enstone, (near Oxford) with a capacity of 50,000 tonnes, processing municipal and commercial recyclables; its commodities trading team is located in London. Across all three sites, the business employs 150 people.
The shareholders appointed Cavendish to advise on the sale process following a number of unsolicited approaches from parties wishing to acquire the business. Cavendish then began a competitive sale process approaching both UK and overseas buyers. Viridor was selected as the preferred buyer as it met all the key goals of the shareholders in terms of deal value, on-going roles for management and staff and future development of the business.
The deal was led by Cavendish partner Andrew Jeffs.
Bruce Terrell, Community Waste’s managing director, said: “We would like to thank the Cavendish team for negotiating this transaction on our behalf. They played a key role in getting a resolution to all of the various issues that inevitably arose, and were focused on getting the deal done”.
I would thoroughly recommend Andrew and Rebecca and the Cavendish team to anyone looking to maximise the proceeds from a disposal or asset sale. The Cavendish team are both consummate professionals, focused on delivery and pragmatic and flexible in their approach to helping their clients achieve their objectives. I would not hesitate to recommend them and would hope to work with them on future projects. They provide great value.
I was delighted with the service that Cavendish offered and their real attention to detail. The deal was not without its complexities and it was reassuring to have Paul and his team assisting me throughout the negotiations.
Cavendish handled the transaction with elegance and efficiency. They were proactive, everything kept to time and we completed as planned, less than six weeks after agreeing the heads of terms.
We have thoroughly enjoyed working with the Cavendish team. Caroline, Andrew and Eimear offered us unstinting support and valuable advice throughout the transaction. They were instrumental in helping us achieve this result.
The team at Cavendish demonstrated their international reach and their tenacity to stick with the deal until it closed. They found the ideal owner… We are very excited at the new opportunities that we can now develop.
Cavendish Corporate Finance has been integral to the establishment of the New College of the Humanities, providing both valuable advice and managing a successful fundraising process that has enabled us to have a stellar founding shareholding group that provides not just capital but also experienced investors who will help NCH succeed and flourish.
Cavendish brought to the table extensive contacts in the venture capital industry and an understanding of how to present our investment case in the best light. All our business had been lacking was funding to achieve scale and with the capital secured from Balderton we are now empowered to bring about lasting change in the insurance industry and create significant value for all our shareholders along the way. We are delighted with the deal and with the invaluable help that Cavendish provided in obtaining it.
Thank you so much for the hard work you put into our sale. “We are delighted with the result both personally and for the company. We now have some work to do in maximising the benefits of the deal to both parties. Your support during the deal was excellent and helped us go through a process that was completely new to us. It seemed to go very smoothly and I know that much of that was due to your background work with Egis’s advisors. We also felt well supported on the detail of the final stages. “Many thanks once again to you both. It was a great time and a perfect outcome.
Cavendish played a crucial role both in achieving a good result for shareholders and in enabling Hawk-Eye to go to the buyer offering the most compelling strategic fit
Cavendish took the time to really understand our business enabling them to have a professional and well thought out approach to the deal. They assisted immensely with the due diligence process this being reflected in the depth of information needed at times along with the need to carefully manage the numerous requests for information. They provided the kind of support which in the process of selling your business gives you confidence that there is balance between providing information and negotiating elements of the deal.
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