SUMMIT, N.J., Jan. 27, 2023 /PRNewswire/ -- ECP, a leading energy transition-focused investor with a nearly two-decades-long track record of investments in the electricity, clean energy, renewable and sustainable solutions sectors, today announced it has completed the acquisition of Biffa plc ("Biffa" or "the Company"), the UK's leading integrated waste and recycling firm, in a ~ £2.1 billion enterprise value transaction.
Biffa has been at the forefront of the UK's waste management industry for over 100 years, with a commitment to enabling the development and prosperity of a circular economy. With sustainability as a central operating principle, Biffa supports the entire waste management process from recycling, treatment and energy generation to collection, disposal and surplus redistribution. The Company today provides essential waste services to ~100,000 UK business customers and ~2 million households, handling around eight million tons of resources every year.
"We are pleased to complete our acquisition of Biffa and to partner with such an exceptional leader in the waste management space," said Andrew Gilbert, Partner at ECP. "We share the Biffa team's vision to promote a more sustainable, circular economy, and are excited to partner with the Company in its next phase of growth. We are impressed by Biffa's visionary leadership, talented employees and commitment to safety. ECP and Biffa will remain focused on providing the highest levels of service to the Company's customers."
"The closing of the transaction marks an important milestone in this exciting next chapter for Biffa," said Michael Topham, CEO of Biffa. "As we continue to invest in our leading position in UK sustainable waste management, leveraging ECP's deep environmental infrastructure focused expertise will allow us to accelerate our growth, enhance our capabilities and continue to change the way our customers – and our economy – thinks about waste."
Under the terms of the transaction, Biffa shareholders are entitled to receive 410p in cash per ordinary share of Biffa stock they owned. With the completion of the transaction, Biffa shares have ceased trading and will no longer be listed on the London Stock Exchange.
About Biffa plc
With over 100 years of expertise, Biffa is an established leader of sustainable waste management in the UK. Our purpose is to change the way people think about waste and our team of more than 10,000 key workers provide unrivalled end-to-end waste and recycling solutions for thousands of businesses and millions of households each day. Underpinned by our low carbon collection network, we're at the forefront of enabling the UK circular economy by continuing to build our plastic recycling capacity, investing in energy recovery and growing the amount of surplus produce we redistribute through Company Shop.
Since 2002 we've cut our carbon emissions by 70% and aim to be net zero by 2050. Our long-standing Biffa Award programme and our proud partnership with WasteAid also contribute to major environmental benefits for the UK and beyond. Visit biffa.co.uk or find us on LinkedIn, Facebook and Twitter.
About ECP
Energy Capital Partners (ECP), founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency & reliability assets facilitating the energy transition. The ECP team, comprised of 68 people with 550 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value. For more information, visit www.ecpgp.com.
ECP Media Contact:
Jonathan Keehner / Woomi Yun / Kara Brickman
Joele Frank, Wilkinson Brimmer Katcher
212-355-444
Biffa Contact:
Houston
+44 (0) 204 529 0549
[email protected]
SOURCE ECP