Pierce advises on disposal of waste management business

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Blackburn-based Pierce Corporate Finance has advised Recydia, a subsidiary of Italian Conglomerate Cementir NV, on the disposal of Neales Waste Management (NWM) Holdings. NWM is a waste management business with interests in landfill, materials recovery facility (MRF) and hazardous waste operations.

NWM is located in the North West of England and was established in 1991 as a skip collection business before being acquired by Recydia in 2012 as part of a strategy to secure high-quality Solid Recovered Fuel (SRF) for its international cement manufacturing operation. The business now provides a comprehensive range of waste and recycling services to the hazardous waste sectors including power stations, hospitals, and manufacturing sites.

Following recent changes to international waste regulation, Recydia made the decision to fully exit the UK waste market so it could focus on its international operations. Appointing Pierce Corporate Finance and led by corporate finance director, Steve Bell, the team identified the key acquirers within the UK and international waste sector. Following a competitive sales process, Opes MRF 2013 was selected as the preferred bidder.

Established in 2013, Opes Industries is a clean technology and waste management business and in 2014, whilst developing a Materials Recycling Facility (MRF) at an existing landfill site, secured substantial investment to fund further organic and acquisitive growth. Further investment in its MRF allows Opes to direct further volumes of waste away from landfill.

Corporate finance director, Steve Bell said “It was clear from our initial discussions with Recydia that there was a clear desire to exit its UK operations in a practical manner. Having spoken to a number of potential acquirers it was clear that the team at Opes had the operational and financial ability to acquire NWM and invest in the long-term success of the business”.

Ian Ledson, chief executive of Opes, said: “The Neales Waste Management Group is a highly regarded supplier of multi-disciplinary waste services to industry. Combining a hazardous waste business, materials recovery facility and landfill, the East Lancashire location is a strategic acquisition for the Opes Group and allows us to continue our geographical expansion.

"As we look to provide a country-wide service, the acquisition of Neales allows us to offer a complete waste service to our client base, balancing what waste can safely be recycled and what ultimately has to be safely sent to landfill. We established a relationship with the team at Pierce who facilitated the transaction on behalf of the International owners, ensuring that the transaction completed successfully.”.

The corporate team at Trowers & Hamlins LLP, led by Paul Ellaby and Max Ankers provided legal advice to Opes. Legal advice for NWM was undertaken by in-house counsel.

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