Purchase lifts Biffa

The price of shares in FTSE 250 waste management firm Biffa (LON:BIFF) climbed 3.52% to 235.50p (as of 12:45 BST) after it announced the acquisition of Simply Waste. The consideration for the debt and cash free deal was £25 million which will be funded from existing facilities. Simply Waste primarily operates in the South of England and had revenues of £35 million during the year ended 31st March.

CEO Michael Topham commented: “The acquisition of Simply Waste demonstrates further progress against our strategic plans. We have a clear focus to grow our Industrial and Commercial business through acquisitions as a natural consolidator within this fragmented market.

“We are delighted to welcome the Simply Waste team and their customers to Biffa. Simply Waste has an excellent reputation, complementing Biffa’s existing footprint in the south of England, and I am confident that this acquisition will enhance the strength of our service offering in the region for our combined customers“.