Pennon completes sale of Viridor to investor KKR

08.07.2020 − 

The global investment firm KKR has completed the acquisition of British waste management company Viridor. The sale was first announced on 18 March by Viridor's parent company Pennon, which is also active in the waste sector and owns the utility South West Water. KKR, which manages businesses in a variety of asset classes including energy, infrastructure and real estate, paid £4.2bn for the business.

Viridor's managing director Phil Piddington, who has been at the company's helm as managing director since 2016 has become chief executive officer, KKR and Viridor announced in a joint statement on Wednesday. The waste management company also announced that Ian Wakelin, former CEO of Biffa had come on board as chairman.

Mr Pinddington stressed Viridor's growth plans including infrastructure investments backed by long-term contracts. He said, "We are exploring options for three more energy recovery facilities, including a new plant at Ford in West Sussex, another joint venture with Grundon Waste Management. The project partners submitted the planning permit application last month.

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