Fri, 05 Aug 2011 | MBO/MBI
The directors at packaging waste compliance business Valpak have recommended a management buy-out deal to its members, after concerns were raised over the Government’s waste policy.
The proposed move would see Valpak become a limited liability company, and would continue to be chaired by its current executive management team and current chairman Lord Deben.
Existing members of its compliance schemes – the legal owners of the company – have been reassured that their memberships won’t be affected by the move.
The motivation for the recommended buy-out, Lord Deben wrote in a letter to the members, is due to concerns over the Government’s change in approach to waste policies.
Government policy is to focus more on ‘voluntary agreements’ and ‘responsibility deals’, rather than on regulatory legislation, which had been the main focus for Valpak.
It is unclear whether any recycling targets will be set beyond 2012. This uncertainty forces Valpak to diversify its operations and seek to increase its funding, which would mean a new structure would have to be implemented.
If the buy-out goes ahead, Valpak’s business would be transferred over to a newly created firm, Valpak 2011, which would then be bought by Hamsard.
Hamsard is wholly owned by four members of the Valpak management team including Lord Deben. If the deal is approved, it will be implemented in late August or early September.
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