Pyros Environmental Ltd

Meridian Corporate Finance LLP (“MCF”) advised the management team of Pyros Environmental Limited (“Pyros”) on the undisclosed multi-million pound buy-in management buy-out (“BIMBO”) of the high temperature incinerator (HTI) and waste-to-energy (WTE) plants located in Fawley, Hampshire, from Veolia ES (UK) Limited.

Veolia is the world leader in environmental services, waste management and energy-focused technical facilities services. In 2006, the European Commission approved the acquisition of Cleanaway Group, a UK based waste management company, by Veolia on the condition that the Fawley plants were sold.

The acquisition of the state of the art HTI and WTE plants, gives Pyros a leading position in the UK waste incineration sector with exciting opportunities likely to arise from tightening EU waste disposals regulations.

The acquisition of Pyros was funded by debt from the Royal Bank of Scotland and equity from Cognis Capital Partners LLP and the incoming MBI team.

PricewaterhouseCoopers acted as lead advisor to Veolia in the auction of Pyros and introduced MCF and Shoosmiths solicitors to act on behalf of the management team in the transaction.

Mike Beedham comments “Darren provided great insight into the deal structure and a professional steadying strategic hand when necessary. I would have no hesitation in recommending Darren and his team. Shoosmiths, through Steve Porter, provided complimentary professional legal advice.

Commenting on the transaction Darren Thompson of MCF said “It was great to work with the management team on such a high profile local deal”.