Biffa's share price rises after it acquires waste recycling firm O’Brien Waste Recycling Solutions in a £36m deal

 
Shruti Tripathi Chopra
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Biffa listed on the London Stock Exchange in October last year

Waste management behemoth Biffa has acquired Newcastle-based O’Brien Waste Recycling Solutions in a £36m deal.

As at 30 April, O’Brien generated annual revenues of £34.4m with earnings before interest, tax, depreciation and amortisation (ebitda) hitting £6.6m.

Last month, Biffa reported a £18.7m pre-tax loss for the year to 24 March. The firm was hit by £29m of exceptional costs following its initial public offering in October last year.

At the time of writing, Biffa's shares were up 2.85 per cent at 225.75p.

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Ian Wakelin, chief executive of Biffa, said: “This acquisition significantly strengthens our market presence in the north east of England. We welcome the employees of O’Brien to Biffa and we look forward to working together to provide a great service to our customers.”

Nathan O’Brien, managing director of O’Brien Waste Recycling Solutions, commented: “O’Brien’ wide range of recycling solutions serve both commercial and local authority customers and have driven continuous, successful growth.

“The opportunity to join Biffa was a natural choice for our business due to Biffa’s scale, UK-wide network and complementary capabilities. Being part of a bigger group creates many exciting opportunities for the combined businesses.”

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