Biffa PLC acquires Midlands waste and recycling firm Weir Waste
The waste disposal services provider said that the new business would be incorporated into its Industrial & Commercial division, enabling it to broaden its customer offering across the region
() has acquired Birmingham and West Midlands-based waste and recycling services provider Weir Waste Services Limited for £16.2mln.
The waste disposal services provider said that the new business would be incorporated into its Industrial & Commercial division, enabling it to broaden its customer offering across the region.
Biffa also said that the acquisition had been funded through a combination of its existing cash and debt facilities.
Recent acquisitions
The purchase adds to three other acquisitions, totalling £3.9mln, announced by the company earlier in the financial year of H&A Recycling Limited in Cornwall, Bisset Limited in Scotland, and certain trade and assets from Vecta Group Limited in East London.
Michael Topman, currently the chief financial officer and chief executive-designate of Biffa, said: “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”.
In a note to clients, analysts at City broker Numis upped their target price for the firm to 290p from 285p saying the announcement was “a timely reminder of the merits of the [Industrial & Commercial] density-building strategy”.
In mid-morning trading Friday, Biffa shares were up 0.8% at 236.5p.
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