Credential
Hazardous, the hazardous waste division of Ailsa3’s
Credential Environmental Group has been sold to Augean
plc, an AIM listed hazardous waste specialist based in
Wetherby for £8.13m.
Credential Hazardous specialises in the recycling and
safe disposal of a wide range of waste materials. The
division offers services including the collection, storage,
treatment, recovery and transfer of hazardous and difficult
waste materials.
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Augean
plc was first listed on AIM in September 2004 and has
since invested more than £100m in the waste sector.
The company is a market leader in the disposal of hazardous
waste materials, and already operates four sites across
the UK including two of the UK’s largest hazardous
waste landfill sites.
Credential Hazardous will be re-branded and will trade
as Augean Treatment following its integration into Augean
plc over the coming months.
Nick Wyatt, Managing Director of Credential Environmental
said; “In just over a year we have built a very
significant waste group from a number of strategic acquisitions
in the automotive and hazardous sectors. To exit the hazardous
sector makes a great deal of sense. The business will
continue its growth within Augean, and will be able to
take advantage of the benefits of being part of the UK’s
leader in hazardous waste. The funds generated by the
sale will allow us to make further acquisitions to bolster
Credential Environmental and our position in the automotive
waste markets.”
The
deal was advised by Wendy Harrison of DLA Piper Rudnick
Gray Cary and includes the sale of the Hazardous Division,
the sale of the freehold of the Hazardous Waste Transfer
Station in Worcester, plus an option to purchase the Hazardous
waste transfer station site in Hinckley. These properties
amount to an consideration of £2.4m taking the overall
deal size to £10.5m.
Credential Hazardous currently employs 25 staff, and is
set to turnover £5m in 2006. Augean plc has confirmed
that the business will continue to operate both sites
and plans significant investment in the existing business.
Wendy Harrison of DLA Piper advised Ailsa3 on the acquisition
of Betta Special Waste, the company that made up a large
part of the Credential Hazardous division, as well its
disposal.
Harrison commented; “To see the hazardous division
of Credential grow in value so quickly is remarkable,
and is yet another example of Nick and Andy’s understanding
of this sector and their knack for getting the best out
of good businesses. With the recent acquisition of TCS,
and this boost to the firm’s coffers, I expect that
both Ailsa3 and Credential Environmental will remain very
active in this sector.”
Credential Environmental continues to be based at the
firm’s Newton Aycliffe site, and will operate a
total of five sites around the UK employing 100 staff
following the sale.
Andy Hinton and Nick Wyatt, Chairman and Managing Director
of Credential Environmental have a track record in building
value into companies operating in the waste sector, including
White Rose Environmental which they sold in 2004.
For
more information visit the Credential Environmental Ltd
website at www.credenv.com
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