VIDEO REPORT: The new chief executive of Viridor, Phil Piddington, has outlined some of the future plans for the company following its acquisition by global investment firm KKR.
The £4.2 billion acquisition from Pennon Group was finalised last week, with Mr Piddington moving from his role as managing director to become the company’s chief executive officer.
Phil Piddington was named Viridor’s chief executive officer, after being managing director since 2016
In an interview with letsrecycle.com, Mr Piddington says he is pleased the sale has been concluded and is confident the company will be less “restrained” than it was under Pennon.
“I’m really delighted that the sale has been concluded, we’ve been on a journey of Pennon’s strategic review for the last year or so, the acquisition is really positive for Viridor in terms of our growth aspirations, and its value adding for our shareholders too.
“KKR is really keen to help us grow our business, they probably have larger resources than Pennon, which will help with some of our ambitions. We’ve been clear about that growth ambition in announcing our previous strategy for the organisation, and I’m sure with the backing of KKR we will be able to move even faster”.
In the interview below, Mr Piddington also discussed Viridor’s portfolio of energy recovery facilities, as well as its plastic recycling plants and his relationship with former Biffa chief Ian Wakelin, who was appointed as chairman of Viridor after the completion of the deal.
(above: Phil Piddington, chief executive Viridor, talks to Joshua Doherty)
Constraints
Mr Piddington added that with Viridor now operating as a standalone business, there will be less constraints on the company, as the Pennon Group “had its roots in the South West”.
“I think this opens up the possibility to look at different things in the future, as well as what we were doing under Pennon”
He remarked that the acquisition opens up the possibility to continue the work which was happening under Pennon while at the same time as being able to “move faster” to grasp new opportunities.
“We won’t be as constrained as we were before, Pennon was very much a UK business and wouldn’t look outside of that, and the group really had its roots in the South West around its water business.
“ I think this opens up the possibility to look at different things in the future, as well as what we were doing under Pennon. I think the opportunities get bigger for us, and we can move faster.”
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Source: letsrecycle.com Waste Managment
