NTR's waste management subsidiary Greenstar has continued its acquisition spree with the purchase of UK-based Verdant Group for an undisclosed sum.

Verdant provides waste services to 19 local authorities in the southeast of England under long-term contracts.

It is forecasting revenues for the year ended October 31st last of about £45 million (€64.7 million).

Based in Sevenoaks, Kent, Verdant has 33 sites and collects more than 100,000 tonnes of recyclable materials per annum.

Greenstar UK said the acquisition would significantly extend the scale of its activities.

It will now employ approximately 1,450 people and operate a fleet of 525 trucks.

It is now forecasting annual revenues of £121 million.

In a research note, Ian Hunter, an analyst with Goodbody Stockbrokers, said the latest acquisition, as well as the recent purchases of M&B Haulage and Waste Paper and Network Waste Solutions, would "make a significant impact to the UK business revenue".

Greenstar UK, Greenstar North America and Greenstar Ireland, of which NTR owns 87 per cent, 100 per cent and 88.45 per cent respectively, have made a total of eight acquisitions in the last six months.

Since March this year the three NTR subsidiaries have invested about €300 million in acquisitions.

Last month Greenstar North America completed the acquisition of Mid-America Recycling, which operates in six central US states, and Damato Paperstock Corporation, a residential recycler in New Jersey.

Last August, it bought out Pennsylvania-based Todd Heller for around $50 million.

In Ireland, Greenstar has completed three acquisitions in the past six months: Rainbow Refuse Collection, Bailey Waste Recycling and Indaver Ireland's waste paper recycling business. It is now the largest waste management group in the Republic.

Parent NTR's shares trade on a grey-market through Dublin stockbrokers Davy, Goodbody and NCB.

They last traded at €6.25 compared with €7 at the beginning of the year.