PandaGreen – a company within the Panda Group – acquired the New Earth shares including all business and assets from DM Opco Ltd on Thursday (13 October).
New Earth was sold to DM Opco Ltd in June, just two days after the beleaguered Dorset-based waste firm entered administration (see letsrecycle.com story).
The business was forced to appoint administrators after last ditch talks to sell its debt to a European combined heat and power plant developer collapsed earlier this year.
PandaGreen’s acquisition of the business will see it takeover operations at its mechanical biological treatment (MBT) plants in Avonmouth, Canford, Cotesbach, and its in-vessel composting sites in Blaise and Sharpness.
Greenstar
PandaGreen intends to use the facilities as a ‘UK growth platform’ following its recent acquisition of Greenstar – one of its largest waste management competitors in Ireland (see letsrecycle.com story).
Brian McCabe, managing director of PandaGreen, said: “Panda is delighted and excited by this acquisition. Whilst ensuring we continue to offer a reliable service to the customers of the five waste treatment facilities, it is our intention to further invest in order to ensure continued high rates of recycling and diversion of waste from landfill.”
Appointment
Peter Mills, who was formerly commercial and operations director at New Earth, will now head up PandaGreen’s UK operations as managing director of the company.
Mr McCabe added: “We are delighted to have Peter on board as he brings a level of past knowledge and experience to this new business and we look forward to working with Peter and his team into the future.”
“The business will continue to trade as New Earth Solutions for the time-being.”
Subscribe for free