Montagu Private Equity ("Montagu") has today agreed to acquire
Cory Environmental ("Cory"), from Exel plc for £200 million.
Headquartered in London, Cory employs 1,085 people and is a 100%
owned subsidiary of Exel whose main business is logistics and
supply chain management.
Cory is one of the UK's leading waste management companies. It
owns nine landfill sites across the UK, and has contracts for
recycling, street cleaning and waste collection stretching from
Lincolnshire to Cornwall. It is best known for operating barges on
the River Thames. Around 15% of London's waste is transferred by
barge, removing 100,000 lorry movements per year from London's
roads.
Cory has an excellent record of revenue and profit growth, is well
invested and has a strong position in its markets. It is another
example of Montagu's strategy of backing MBO's of non-core
businesses led by highly regarded management teams. Montagu was
attracted to Cory because of its contracted revenue streams,
well-placed landfill sites and its expertise in all areas of waste
management.
Cory's Executive Chairman, David Riddle, said: "It is very much a
case of business as usual. We will honour all our current contracts
and continue to seek out new opportunities to grow and develop our
business."
Jason Gatenby, Director at Montagu Private Equity, said: "We are
delighted to be backing the management buyout of Cory. It has
well-located landfill assets, excellent growth prospects and a very
experienced and widely respected management team."
Deutsche Bank AG London acted as financial adviser for Montagu
Private Equity in connection with the transaction.
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