David Carson, a partner with Deloitte Ireland, which is acting as the receiver of Greenstar Holdings Ltd. and certain affiliates and subsidiaries, has announced that it has reached an agreement to sell the Greenstar business to an affiliate of Cerberus European Investments LLC.
Cerberus European Investments is an affiliate of New York City-based Cerberus Capital Management L.P.
Greenstar, the largest waste management business in Ireland, went into receivership in Aug. 2012. Carson says the company hopes to complete the transaction by the second quarter of 2013. Greenstar, based in Dublin, operates a number of recycling and infrastructure facilities throughout Ireland. The company provides service to around 85,000 domestic and commercial customers in the country.
“I am pleased that we have found a good solution for a high quality business and I wish to thank the employees and customers of Greenstar for their support throughout this process. 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” says Carson.
A Deloitte release notes that Mark Keough will become CEO of Greenstar following closing of the transaction.
“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,” Keough says.
Upon closing of the transaction, Ron Bolger, an advisor to Cerberus in Ireland, will join Greenstar’s board of directors. “I have worked with Cerberus on successful investments in the past, and expect Greenstar to continue and expand upon its leading role in the evolving Irish waste management industry,” Bolger says.