The corporate team at Penningtons Manches has advised the shareholders of New Star Environmental Limited (New Star), on its merger with Specialist Waste Recycling (SWR). The combined operation, which will be known as SWRNewstar, will be one of the largest waste brokers in the UK, with an annual turnover of £41 million.
Corporate partner David Tighe, who is based in Penningtons Manches’ Oxford office, led the legal team and was principally supported by corporate associate Dominique Sabatini.
Keith Brown, chairman of New Star, commented: “David, Dominique and the rest of the Penningtons Manches team provided fantastic support to us in what was a critical transaction for the shareholders. Their guidance throughout this complex process was absolutely invaluable.”
David said: “It was a pleasure to work with Keith and the New Star team on such an important transaction for them. It was clear that there was a huge amount of synergy between SWR and New Star and an enormous opportunity to deliver further growth.”
This deal is the latest in a series of high profile transactions undertaken by Penningtons Manches’ corporate team. Following revenue growth of 29% in 2016-17, the team has completed over 100 transactions in the past year with an aggregate deal value of over £1 billion and continues to build this momentum into 2018.
SWR was represented by Veale Wasborough Vizards and BDO.