Greenstar, the waste company, is to sell its refuse collection business to its rival, Panda, in what would be a significant consolidaton of the market. Panda will take on some 80,000 Greenstar residential customers in addition to the 150,000 it already serves.
The deal does not include Greenstar’s landfill power generation business. This business takes gas emissions from landfills and supplies energy to the national grid. The agreement will have to be approved by the Competition& Consumer Protection Commission.
Panda chief executive Mr Brian McCabe said the merging of the two businesses “ will create a leading Irish owned and managed municipal and commercial waste collection, processing and recycling business ”.
Cerberus bought Greenstar out of receivership in 2014 and has also acquired a number of loan portfolios from the National Asset Management Agency.
Panda has about 150,000 residential and 15,000 business customers, earns revenue of €80 million a year and employs 700 people.
Greenstar has a large commercial business and is growing its residential operations. The company has revenue of almost €100 million a year and employs 850 people.
