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Pyros Environmental Ltd
Transaction:
Management Buy-Out
Sector: Energy
Completed: April 2007
Meridian advised the management team of Pyros Environmental Ltd (“Pyros) on the undisclosed multi-million pound buy-in management buy-out (“BIMBO”) of the high temperature incinerator (“HTI”) and waste-to-energy (“WTE”) plants located in Fawley, Hampshire from Veolia ES (UK) Ltd.
Veolia is the world leader in environmental services, waste management and energy-focused technical facilities services. In 2006, the European Commission approved the acquisition of Cleanaway Group, a UK based waste management company, by Veolia on the condition that Fawley plants were sold.
The acquisition of the state of the are HTI and WTE plants, gives Pyros a leading position in the UK waste incineration sector with exciting opportunities likely to arise from tightening EU waste disposal regulations. The acquisition of Pyros was funded by debt from the Royal Bank of Scotland and equity from Cognis Capital Partners LLP and the incoming MBI team.
PriceWaterhouseCoopers acted as lead adviser to Veolia in the auction of Pyros and introduced Meridian and Shoosmiths to act on behalf of the management team in the transaction.
Mike Beedham commented, “Darren provided great insight into the deal structure and a professional steadying strategic hand when necessary. I would have no hesitation recommending Darren and his team. Shoosmiths through Steve Porter, provided complementary professional legal advice."
Darren Thompson, Driector at Meridian concludes, “It was great to work with the management team of such a high profile local deal."
