Exponent acquires DCC Environmental in £219m deal

The acquisition will see the GP take over control of the William Tracey Group, Oakwood Fuels, Wastecycle and Enva brands.

The listed vendor, which owns 75% of the division, said it anticipates recouping cash proceeds of £170m from the transaction. The remaining 25% stake in the division is held by DCC partner Michael Tracey who will remain with the business in the role of non-executive director.

Former Ardagh Group chief executive Niall Wall has also invested as part of the deal, and will take on the role of chairperson.

Under its new owners, DCC Environmental will look to expand its range of services.

Exponent is currently investing from its £1bn third fund, which held a final close in April 2015. The latest deal comes four months after the GP acquired Leisure Pass Group, a provider of multi-attraction tourist passes, from Primary Capital Partners.

The deal is expected to complete in Q2 2017, following regulatory approval.

Company
DCC Environmental treats and recycles non-hazardous and hazardous waste for the industrial, commercial, construction and public sectors.

The division has a headcount of around 1,000 and has operations across 21 facilities in the UK and Ireland. According to a statement issued by the vendor, the division reported revenues of £153.5m in the year ending March 2016 with operating profits of £15.2m.

People
Exponent Private Equity – Tim Easingwood (partner).
DCC Environmental – Tom Walsh (managing director).
DCC – Tommy Breen (CEO).

Advisers
Equity – Houlihan Lokey (corporate finance); LLP (financial due diligence); Credo (commercial due diligence); KPMG (financial due diligence); Allen & Overy (legal).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Exponent Private Equity