Credential Hazardous has been acquired by the two-year-old hazardous waste firm Augean plc, which has spent more than 100 million on acquisitions since its public flotation in 2004 (see letsrecycle.com story).
The acquisition of Credential's hazardous arm is hoped to strengthen Augean's position in the hazardous waste management marketplace.
The move will also allow Credential Environmental to invest in its automotive waste management operations.
“Sense”
Nick Wyatt, managing director of Credential Environmental, said: “To exit the hazardous sector makes a lot of sense. The business will continue its growth with Augean, and will be able to take advantage of the benefits of being part of the UK's leader in hazardous waste.”
“The funds generated by the sale will allow us to make further acquisitions to bolster Credential Environmental and our position in the automotive waste markets,” he said.
The deal, agreed earlier this month, includes the sale of the Credential's hazardous waste transfer station in Worcester, and an option to purchase the site at Hinckley. These acquisitions would take the overall size of the deal to 10.5 million.
Staff
Credential Hazardous currently employs 25 staff and is set to achieve a turnover of 5 million in 2006. Augean has confirmed it will continue to operate from the operation's two existing sites and plans “significant” investment in the business.
The acquisition of Credential's hazardous waste arm comes shortly after the main part of the business went through a brand re-organisation (see letsrecycle.com story).
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