One51 and Bord na Mona top bidders for Greenstar
Published 15/03/2010 | 05:00
BIDS for Greenstar's Irish and UK businesses are due in by the end of the week, with Bord na Mona and One51 understood to be circling the waste business's Irish division.
Parent company NTR has been exploring the sale of Greenstar Ireland and UK for about four weeks, using its internal corporate finance team and external advisers.
Interested parties have now been given until the end of the week to lodge indicative bids, which could be up to €250m for both arms.
Greenstar is Ireland's biggest waste contractor, boasting an annual turnover of close to €170m.
The Irish business is a natural fit with Bord na Mona, which has committed itself to "resource recovery" as part of its Contract With Nature strategy.
A spokesman for the peat company declined to comment on the potential acquisition, but it is understood that Bord na Mona is running the rule over Greenstar.
Philip Lynch's One51, which is pinning much of its expansionary hopes around its Environmental Services division, is also believed to be in the fray, but well-placed sources stressed that interest was not confined to One51 and Bord na Mona.
Market sources have expressed "surprise" at NTR's decision to potentially sell Greenstar UK and Ireland, since the business makes up a significant part of NTR's stable and has been a core part of the company's investment strategy in recent years.
Acknowledging the speculation about Greenstar, an NTR spokesman said that while the plc "does not, as a matter of policy, comment on speculation", it could confirm that it "regularly explores strategic options for different parts of its portfolio".