NTR looks to sell off €150m-valued Greenstar Ireland
NTR has reignited its plans to sell Greenstar Ireland, its waste management business, for between €100m and €150m.
The energy-to-waste company has appointed Hawkpoint, the London investment advisors, to handle the sale process, which has already begun and attracted private equity interest.
The move is part of a strategy by Michael McNicholas, its chief executive, to sell off non-core interests, releasing pent-up value within the company which had a market cap last week of €62m, down over 90 per cent since its peak during the boom.
NTR was rumoured last year to be selling Greenstar Ireland, which employs 400 people, but pulled the plug because of the financial crisis. Bord na Mona was linked with a bid at the time but it's not known whether it remains interested.
NTR sold Greenstar UK for €162m two years ago, and it may also sell its waste business in North America in time.
NTR said in a statement it was "aware of speculation" regarding Greenstar Ireland which was "subject to an ongoing review process". No decision had been made, it said.
NTR is 39.6 per cent owned by the family of Tom Roche, its chairman; 24.5 per cent is owned by One51. The remainder is held by other investors.
Sunday Indo Business