Viridor’s investment in crucial UK recycling and energy recovery infrastructure is set to continue at pace with the support of KKR, a leading global investment firm, following the successful completion of KKR’s £4.2 billion acquisition of the business.
Phil Piddington, who has been Viridor’s Managing Director since 2016, assumes the role of Chief Executive Officer.
Piddington says KKR recognised the strategic value of Viridor’s UK recycling and residual waste management platform and growth opportunities linked to a significant UK capacity gap in recycling/reprocessing infrastructure and energy recovery technology.
KKR’s Head of European Infrastructure Tara Courtney Davies, added: “We see enormous potential for Viridor as a standalone business. The company is already a sector leader with a strong platform and an experienced management team. With KKR’s support, Viridor is uniquely positioned to invest further and continue to build critical infrastructure, helping the UK meet long-term sustainability and environmental goals.”
Piddington concluded: “We are exploring options for three more energy recovery facilities, including a new plant at Ford in West Sussex, another joint venture with Grundon Waste Management. This supports market demand for landfill-diversion facilities which produce low carbon heat and power and contribute to UK resource and energy efficiency.”
“As a complete waste and resource management company working across the UK, we are keenly aware of exactly where the capacity gap exists. We are confident that we are best placed to deliver the environmental ambitions of the UK and its devolved administrations, especially where these focus on green recovery, jobs, innovation and infrastructure.”