Enva to pay up to €45m in latest acquisition
Irish waste and environmental services group Enva has announced the acquisition of RILTA Environmental, part of the former One51's old Clearcircle arm.
Its understood the deal values RILTA at between €40m and €45m.
The 'Sunday Independent' reported last weekend that a deal was imminent. Clearcircle was sold to management by IPL Plastics - formerly known as One51 - last year, with IPL retaining a 25pc stake.
Rathcoole-based RILTA Environmental provides management services for hazardous waste. It operates four licensed facilities and employs 130 people in the Republic of Ireland and Northern Ireland.
It also owns glass-recycling business Glassdon, based in Northern Ireland, and TechRec Ni, a Northern Ireland-based fridge recycling business.
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.
The new combined entity will trade under the Enva brand.
The deal is subject to approval by the Competition and Consumer Protection Commission (CCPC) in Ireland.
The CEO of Enva Group, Tom Walsh, said: "We are delighted to welcome the RILTA team into our group. RILTA has a proven track record and a recognised capability in managing and recovering hazardous and specialist wastes, which fits well with our own offering.
"The combination of our business in Ireland with RILTA will bring a wider range of waste recovery capabilities for our customers."