Enva closing in on Clearcircle Ireland in acquisition drive
Former IPL Plastics company likely to fetch more than €30m if deal agreed
Waste management business Enva Group is closing in on a deal to buy rival firm Clearcircle Environmental Ireland, the Sunday Independent understands.
Clearcircle was sold to management by IPL Plastics (formerly known as One51) last year, though IPL retained a 25pc stake.
That deal was worth around €30m. If a sale proceeds it is likely that Clearcircle will be valued at more than that.
A spokesman for Enva declined to comment while Clearcircle did not respond to a request for comment.
Clearcircle's businesses include Rathcoole-based Rilta Environmental, which provides management services for hazardous waste.
It also owns glass-recycling business Glassdon, based in Northern Ireland, and TechRec Ni, a Northern Ireland-based fridge recycling business. It has previously been reported that Enva was considering a bid for Rilta, and might also pursue the other assets.
The Sunday Independent understands that the whole Clearcircle business has been put on the block by its owners and that a deal is progressing well.
Enva, formerly a part of DCC's Environmental Division which was sold to private equity firm Exponent last year, has been on the acquisition trail in recent months.
It recently acquired Blue Sky Plastic Recycling (BSP), based in Lincolnshire in the UK in its first acquisition.
Enva chairman Niall Wall, formerly the chief executive of Paul Coulson's Ardagh Group, said: "BSP's advanced technology is at the forefront of our industry, which opens up a new strategically important dimension for our group.
"It presents an opportunity to capitalise on the growing demand in this specialist area of the plastic recycling market," Wall added.
In addition, earlier this month Enva announced the sale of a microbiology lab to a company called Advanced Laboratory Testing.
It said the move would allow it "to focus on the continued growth and development of core waste management, water and industrial services sectors".
Enva managing director Simon Dick said those sectors present "significant growth opportunities in the years ahead".
Conglomerate DCC sold its environmental division to Exponent in a £219m transaction.
The move came as DCC decided to move away from the food and environmental sectors to focus on energy, healthcare and technology.
Sunday Indo Business