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Greenstar sold

WASTE recovery firm Greenstar has been sold to a private investment group as a going concern.

Receiver of Greenstar Holdings Ltd, David Carson of Deloitte, said that he has agreed, subject to regulatory consents and other conditions, to sell the Greenstar business to an affiliate of Cerberus European Investments.

Greenstar, the largest waste management business in Ireland, was placed in receivership in August 2012.

Mr Carson is targeting a completion of the transaction in the second quarter.

"I am pleased that we have found a good solution for a high-quality business," he said.

Mark Keough, who will be CEO of Greenstar, said that they look forward to building on the changes made.

"We intend to maintain Greenstar as the market leader, providing best in class waste management services to Ireland."

The buyer is an affiliate of New York-based Cerberus Capital Management LP, one of the world's leading private investment firms.