The Sawbridgeworth-based company, owned by founder Barry Van Danzig and private equity group Duke Street Capital, is to rename itself the Wastepack Group.
The company has sold its outsourced waste collections business for an undisclosed sum to Bicester-based Greenstar, a company that was until recently known as Materials Recovery Ltd.
Wastepack said the sale would allow it to “concentrate on its more specialist activities”.
Transaction
A statement from Wastepack explained: “The business included in the transaction comprises a number of general waste management accounts where Wastelink provides clients with national waste collection, recycling and disposal services through a network of sub-contractors.
“Wastelink Group and Greenstar will work together for a period to ensure a seamless transition for customers and suppliers. Greenstar is also acquiring the rights to the Wastelink trade mark,” the statement said.
The Wastepack Group will continue to operate its Wastepack compliance scheme, which provides packaging recycling compliance for about 700 customers. The company said it will build up its recycling and compliance activities and develop “other specialist business streams”.
Greenstar
Wastepack also revealed that Greenstar is in the process of finalising “other significant corporate developments” in the UK, which will be announced later this month. This announcement will include the re-branding of Materials Recovery into Greenstar, and the revealing of a business growth strategy and planned acquisitions.
Greenstar has boasted it will “rewrite the rules of the waste management and recycling industry within the UK”.
Part of the Greenstar and Ireland Group, Greenstar operates 27 facilities throughout the UK and Ireland, and claim responsibility for collecting, reprocessing and disposing of over 1.4 million tonnes of waste and recyclables each year.
Greenstar's facilities include a 22,000 tonne-capacity materials recycling facility in Bolton and a 30,000 tonne-capacity MRF in Lincolnshire, offering recycling and processing services for both local authorities and the private sector. With an office in Hong Kong, the company also exports recyclable material.
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