The largest waste company in Ireland, Beauparc, has attracted takeover approaches from dozens of private equity firms after its minority shareholder, Blackstone, set about putting its stake on the market late last year.
The approaches may result in an outright purchase of the owner of the Panda and Greenstar waste firms for as much as €1 billion, sources said.
This transaction follows other PE-deals in the waste management field. British water utility Pennon Group Plc sold its waste and recycling business, Viridor, to US private equity group KKR & Co. Inc. last March for €4.7 billion at a robust valuation of 18.5 times EBITDA.
The latest set of financial results for Beauparc Utilities, the main operating company, show that its pretax profit rose to €28.1 million in 2019 from €18.7 million for the previous year, as revenues soared 40 per cent to €508.4 million.
The company spent €19.1 million on acquisitions during the year and declared dividends of €60.5 million.