Biffa plc Acquisition (5756B)
October 09 2020 - 1:00AM
UK Regulatory
TIDMBIFF
RNS Number : 5756B
Biffa plc
09 October 2020
This announcement contains inside information
Biffa plc
Acquisition of Simply Waste
9 October 2020
Biffa plc ('Biffa'), the UK's leading sustainable waste
management business, announces that it has today acquired Simply
Waste Solutions ('Simply Waste'), a leading industrial and
commercial ('I&C') waste collection business in the south of
England. Biffa has acquired 100% of the share capital of Camo Ltd,
which trades under the Simply Waste brand, for an upfront debt and
cash free consideration of GBP 35m. This will be funded from
existing committed debt facilities.
For the year ending 31 March 2020, Simply Waste reported
revenues of GBP32m, EBITDA of GBP5.2m, operating profit of GBP3.1m
and gross assets of GBP16.4m. A potential further consideration of
up to GBP5m may become payable, depending on the performance of the
business through to 31 March 2021.
Simply Waste is a prominent, well-regarded operator in the south
of England. Its operational locations in west London, Oxfordshire
and Bristol align well with Biffa's existing portfolio, and once
merged into the Biffa I&C collection network will result in an
enhanced customer proposition and a lower-carbon, more efficient
collection network.
The acquisition is earnings accretive for Biffa from the outset
and will deliver synergies from operational benefits. It is in line
with both Biffa's stated investment strategy to grow its I&C
operations, consolidating its leading position in this highly
fragmented market, and its ambition as set out in its
sustainability strategy to create the UK's most efficient,
low-carbon collection operation.
Michael Topham, Chief Executive, commented:
"The acquisition of Simply Waste demonstrates further progress
against our strategic plans. We have a clear focus to grow our
Industrial and Commercial business through acquisitions as a
natural consolidator within this fragmented market.
"We are delighted to welcome the Simply Waste team and their
customers to Biffa. Simply Waste has an excellent reputation,
complementing Biffa's existing footprint in the south of England,
and I am confident that this acquisition will enhance the strength
of our service offering in the region for our combined
customers."
James Capel, Chief Executive and majority owner of Simply Waste,
commented:
" Simply Waste is a fast growing and innovative business with
its people and customers at the heart of everything it does. I am
delighted that the acquisition of Simply Waste by Biffa will build
on these values and that the combined business will help deliver an
even stronger and more efficient business. I am proud to have led
this business from start up to exit and look forward to helping
bring the businesses together."
Enquiries:
Investors
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
ir@biffa.co.uk
Media & Analysts
Houston
T: +44 (0) 203 701 7660
biffa@houston.co.uk
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements
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.
The forward-looking statements contained in this document speak
only as of the date of this announcement, and Biffa does not
undertake to update any forward-looking statement to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
About Biffa
Biffa has been at the forefront of the UK's waste industry for
over a hundred years, with operations that span the entire breadth
of the waste management process including collection, recycling,
treatment, disposal and energy generation. We exist to change the
way people think about waste; to help people see the opportunities
that exist when we manage our waste in the right way, and to make
that happen. We understand the vital role we have to play in
helping the UK to address the climate emergency and deliver
sustainable growth. This involves an ambitious investment programme
in green economy infrastructure and low carbon collections,
alongside an ongoing commitment to sector leadership in the health,
safety and wellbeing of our people. Biffa is a Great British
company. In FY20, the Group's total revenue was GBP1,102.8m and its
Underlying EBITDA was GBP174.0m. We have been listed on the London
Stock Exchange since October 2016 under the ticker "BIFF". In March
2020, Biffa entered the FTSE-250.
For more information visit www.biffa.co.uk/investors
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQMPBJTMTMMTJM
(END) Dow Jones Newswires
October 09, 2020 02:00 ET (06:00 GMT)
Biffa (LSE:BIFF)
Historical Stock Chart
From Apr 2024 to May 2024
Biffa (LSE:BIFF)
Historical Stock Chart
From May 2023 to May 2024