Biffa accelerates growth and recycling strategy through acquisition of Greenstar UK

Montagu Private Equity (“Montagu”) and Global Infrastructure Partners (“GIP”), Biffa Ltd’s (“Biffa”) controlling shareholders, have reached an agreement to acquire Greenstar UK (“Greenstar”) from NTR plc (“NTR”), for a consideration of £135 million. The transaction is subject to regulatory and various other approvals.

It is expected that Greenstar will be integrated with Biffa, one of the UK’s leading waste management and energy recovery businesses. The acquisition will cement Biffa’s position as the leading integrated collection, recycling, resource recovery and energy-from-waste provider in the UK.

The Greenstar acquisition is complimentary and provides a strong fit with Biffa’s strategy to grow its recycling footprint and increase its capacity to provide innovative and tailored waste management solutions to its customers in the UK. Greenstar’s assets and commercial reach will add new capacity and significantly accelerate Biffa’s growth plans in the municipal, industrial and commercial recycling markets.

Biffa has the largest industrial and commercial collections network in the UK serving over 70,000 customers through 1,450 collection vehicles and across 128 locations. It operates 65Mm3 of landfill void across 24 sites throughout the UK and a renewable energy business with 103 MW of installed capacity. It currently handles 7 million tonnes of waste each year, processes around half a million tonnes of recyclables through nine recycling facilities and operates two PFI contracts.

Greenstar is one of the premier recycling-led waste management service providers in the UK. Its operations provide recycling waste management solutions to a large number of blue chip clients in the commercial and industrial sectors. Greenstar’s truck fleet of 569 vehicles provides collection services to 23 local authorities and over 900,000 homes and it operates some of the largest materials recycling facilities in the UK. The business employs over 2,000 people and reported sales of £145 million in 2009.

Mark Keough, CEO of Biffa, commented:

“This acquisition significantly accelerates Biffa’s strategic plans to transition to a recycling and energy- from-waste focused integrated waste management company. Greenstar’s substantial recycling platform and commercial approach combined with Biffa’s operational capability and national reach will enable Biffa to provide complete waste management solutions to its growing customer base.”

Ian Wakelin, CEO of Greenstar UK, commented:

“Since its inception in 2001, Greenstar has grown to be one of the UK’s leading recycling-led waste management companies and NTR has been a strong, supportive partner in this drive. Going forward and building on the strengths of both organisations, the combined company will be a market-leading, dynamic and customer-focused organisation. I look forward to working with the Biffa team to bring this about.”

For further information please contact:

Tulchan Communications

David Shriver / Andrew Honnor / Ashling Cashmore Tel: +44 (0)207 353 4200

Notes to Editors

About Montagu Private Equity

Montagu is one of Europe’s leading private equity advisors. Headquartered in London, Montagu also has representative offices in Düsseldorf, Manchester, Paris, Stockholm and Warsaw. Founded in 1968, Montagu can look back on 40 years’ experience in investing in more than 400 transactions. The primary investment focus of Montagu is on management-buy-out transactions and companies that operate in stable niche markets with a transaction value ranging from €100 million to €1 billion. Montagu has more than €2.5 billion of funds and assets under management.

For further information, see www.montagu.com.

About GIP

Global Infrastructure Partners is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York, London and Hong Kong with an affiliate in Sydney and portfolio operations headquarters in Stamford, Connecticut. GIP has US$ 5.64 billion of funds under management.

For further information, see www.global-infra.com.

About Biffa

Biffa is the leading nationwide integrated waste management business that provides collection, treatment, recycling and technologically-driven energy generation and recovery services. Biffa provides an essential service to satisfy the business needs of its commercial, industrial and public sector customers throughout the UK, helping them to meet their legal obligations and corporate responsibility commitments.

For further information, see www.biffacorporate.co.uk.