VIRIDOR
GBP 4.2 bn sale to KKR completed / New owner of UK waste management firm pledges investment boost
US private equity giant Kohlberg Kravis Roberts (KKR, New York, New York; www.kkr.com) said it planned investments in Viridor (Taunton / UK; www.viridor.co.uk), the recycling and waste collection operator it bought from Pennon Group (Exeter / UK; www.pennon-group.co.uk) earlier this year for GBP 4.2 bn (EUR 4.6 bn). Following completion of the deal, which was first announced back in March (see Plasteurope.com of 25.03.2020), KKR said investment would “continue at pace.” It it did not reveal the amounts that would be involved.

Phil Piddington (Photo: Viridor)
Tara Davies, KKR’s head of European infrastructure, said, “We see enormous potential for Viridor as a standalone business.” She added that with the support of its new parent company, “Viridor is uniquely positioned to invest further and continue to build critical infrastructure, helping the UK meet long-term sustainability and environmental goals.”

Pennon’s decision to sell Viridor, which it had acquired in 1993 for GBP 28m, followed a strategic review into its activities. In 2019, the group’s UK waste management operation generated revenues of GBP 656m.

KKR, which owns or has stakes in dozens of businesses including the US ridesharing service Lyft, announced that Phil Piddington, Viridor’s managing director since 2016, would step up to become its new chief executive. Former Biffa (High Wycombe / UK; www.biffa.co.uk) CEO Ian Wakelin has been appointed as the Taunton-based group’s chairman.
15.07.2020 Plasteurope.com [245521-0]
Published on 15.07.2020

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Date of print: 15.08.2020 12:30:51   (Ref: 973950120)
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