A waste recycling firm based in Wallsend has been sold to a national company.
O’Brien Waste Recycling Solutions Holdings, which reported revenues of £34.4m for 2016/17, has agreed to sell the business to Biffa Waste Services Limited.
Officials at O’Brien – which employs 190 people across its sites in Wallsend, Sunderland and Teesside – said the chance to be part of a bigger company would create a number of exciting opportunities.
Nathan O’Brien, managing director of O’Brien Waste Recycling Solutions, said: “O’Brien WRS’ wide range of recycling solutions serve both commercial and local authority customers and have driven continuous, successful growth.
“The opportunity to join Biffa was a natural choice for our business due to Biffa’s scale, UK-wide network and complementary capabilities.
“Being part of a bigger group creates many exciting opportunities for the combined businesses.
“I want to thank each and every one of our staff for their attitude, commitment, and the energy they bring to the business every day. I am proud of what we have achieved.
“I have said this many times before; Every single person matters in this business, every single day.
“I would also like to personally thank all of our customers for their past and future support.
“The management team at O’Brien and Biffa Waste Services will be working hard to bring the best of the two businesses together and to maintain excellent levels of service”
KPMG’s Corporate Finance practice in Newcastle advised the shareholders of O’Brien on the sale.
Rod Wilkinson, who leads the team, said: “This is a significant M&A transaction for the North East given the high profile of O’Brien.
“The waste sector is in the midst of a period of consolidation and this is the latest and largest deal in recent months involving privately owned businesses in the region.”
Philip Clare, corporate partner at Muckle who provided legal advice to the shareholders, said: “It has been great to work with Nathan and the O’Brien team on this deal.”
“It has been fantastic to support the growth of this key regional business over the last few years and I am looking forward to seeing the business develop under Biffa’s ownership.”