Andrew Biffa Assets announced yesterday the acquisition of privately held London based WTW Waste Services for an undisclosed fee in a 100% buyout deal funded by a combination of debt and equity. —
The waste industry investor said in a statement:
“WTW Waste Services is a strong local business with great heritage and a strong customer base. We were looking for a company with a track record to add to our existing portfolio. WTW fitted that bill perfectly. With our capital on board, the future looks good for the company and we expect to use our network to grow the existing business to the next level.
As always, we won’t change the name over the door or get rid of any employees. The previous owners have done a good job of building a strong local reputation and it is important that we show respect for all that hard work, while taking the business forward”
Andrew Biffa Assets are looking at a number of other aquasitions that they hope will synergies with their current portfolio of businesses.
The group is headed by Andrew Biffa, grandson of Richard Biffa Snr, founder of Biffa Waste Services, who is often considered the original pioneer of the waste industry. Andrew Biffa said things have changed dramatically since those days:
“I don’t think he (Richard Biffa Snr) would recognise the industry! The days of finding a hole in the ground, filling it up and getting rich are long behind us now.
The companies that survive, will be the ones with the infrastructure to make sustainability a priority. You need serious structure to compete now. The big 5 are looking to consolidate the industry, and I don’t think we will recognise the space 10 years from now”
“Over the next 12 months, we’re going to put a group of waste companies together, with the focus on sustainability and recycling. We’re also looking at a very exciting solution to the plastic waste crisis which we think is going to define the industry for the next decade at least. WTW Waste Services fits this strategy perfectly and we look forward to exciting times ahead for the business”.
Name: Andrew Biffa
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Organization: Andrew Biffa
Release ID: 447926