Energy Capital Partners closes on acquisition of Biffa

Energy Capital Partners, Summit, New Jersey, an energy transition-focused investor with a record of nearly two decades worth of transactions in the electricity, clean energy, renewable and sustainable solutions sectors, has announced it has completed the acquisition of Biffa PLC, a leading integrated waste and recycling firm in the United Kingdom, in an enterprise value transaction of about 2.1 billion pounds (about $2.6 billion).

High Wycombe, Buckinghamshire-based Biffa has been at the forefront of the U.K.’s waste management industry for more than 100 years and has made a commitment to enabling the development and prosperity of the circular economy. With sustainability as a guiding operating principle, Biffa supports the entire waste management process from recycling, treatment and energy generation, to collection, disposal and surplus redistribution. The company provides essential waste services to about 100,000 U.K. business customers and about 2 million households, handling around 8 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,” ECP Partner Andrew Gilbert says. “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.”

Under the transaction’s terms, Biffa shareholders are entitled to receive 410 pence (about $5) 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.

“The closing of the transaction marks an important milestone in this exciting next chapter for Biffa,” Biffa CEO Michael Topham says. “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.”

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Biffa says aims to change the way people think about waste, and its team of more than 10,000 key workers provides end-to-end waste and recycling solutions for thousands of businesses and millions of households each day. Since 2002, the company has cut its carbon emissions by 70 percent and aims to be net zero by 2050.

The ECP team, comprising 68 people with 550 years of collective industry experience, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion in enterprise value.