Greenstar, the largest waste management company in Ireland, has been sold to US private equity company Careberus by a receiver.
David Carson of Deloitte, acting as Receiver of Greenstar Holdings Limited and certain of its affiliates and subsidiaries, announced this morning that he has agreed, subject to regulatory consents and other conditions, to sell the Greenstar business to an affiliate of Cerberus European Investments, LLC.
The buyer is an affiliate of New York-based Cerberus Capital Management L.P., one of the world’s leading private investment firms.
Greenstar was placed in receivership in August 2012. Carson is targeting a completion of the transaction in the second quarter of 2013.
Mr Carson said he was “pleased” to have found a solution for the business and thanked employees and customer for their support.
“The Greenstar business is complex but plays a vital role in Ireland. Working on a solution to the business has been challenging, and changes in the company were required to make it a sustainable business,” said Mr Carson.
Mark Keough, who will become CEO of Greenstar following the closing of the transaction said "We look forward to building on the changes made in the company and the company's good base of commercial and household customers. We want all Greenstar employees, customers and the public to know that we intend to maintain Greenstar as the market leader, providing best in class waste management services to Ireland.
“We will continue to employ best practices in the waste management sector and add value to our customers. These are core principles for us, as is our commitment to providing a full range of recycling services and to operating in an environmentally sensitive manner.”
Ron Bolger, an advisor to Cerberus in Ireland, will be joining the Board of Directors of Greenstar following closing of the transaction. Mr Bolger said he expected Greenstar to continue and expand upon its role in the Irish waste management industry.
