DCC buys British hazardous waste firm Oakwood
Business support services group DCC has announced the acquisition of UK company Oakwood Fuels.
DCC subsidiary DCC Environmental Britain has paid an initial €10.8m for the company, with an additional sum of up to €22.5m payable based on Oakwood's profits in each of the three financial years to March 31, 2014.
Oakwood, a waste oil and hazardous waste collection, processing and recycling business, is based in Nottinghamshire and employs 105 people.
The company posted adjusted operating profits for 2010 of €2.5m on revenue of €10.5m, while the book value of its adjusted net operating assets at September 30 last was €1.9m.
"The acquisition of Oakwood will broaden DCC Environmental's service offering into additional
complementary waste streams in Britain and capitalise on the trend towards more sustainable waste management and in particular increased waste recovery and recycling," said Tommy Breen, Chief Executive of DCC plc.
"The acquisition will also enable DCC Environmental's existing British businesses to offer new services to their customers and the enlarged business to leverage an expanded customer list."
