Montagu Private Equity and GIP close £2.29bn Biffa deal

Montagu Private Equity and Global Infrastructure Partners (GIP) have acquired waste management company Biffa Waste Services Ltd for £1.2bn alongside UCIL, a wholly-owned subsidiary of HBOS and a holding company for investments made by Bank of Scotland's fund investments team.

A debt package of £1.09bn was provided by a consortium of banks including Bank of Scotland Corporate, Barclays Capital, Credit Suisse, HSBC, the Royal Bank of Scotland and the investment banking arm of Barclays. Montagu and GIP will each hold 43% of the newco shares, equalling approximately £306m each. UCIL has acquired a 14% stake in the newco for £100m.

Biffa is an integrated waste management business. Headquartered in High Wycombe the company provides waste collection, treatment and recycling and disposal services to around 75,000 local and national customers in the industrial, commercial and municipal sectors. Biffa generated revenues of £742.7m for 2007. (See page 37)

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