Wednesday Newspaper Review - Irish Business News and International ...

2011-08-30 12:06:27 | Source

The Irish Independent reports that Cork-based co-op SWS, which has branched out into waste management and wind farm operations, has become the subject of a bidding war which could mean the sale of the firm for over ¬ 100m before Christmas.

Ion Equity, which is backed by telecoms billionaire Denis O'Brien and Philip Lynch's One51, are the two finalists in the running to take over the firm.

Diligence

Both companies will now proceed to the due diligence phase of a trade sale process.

This is expected to take a couple of weeks, while a sale is expected to be concluded by December 22.

A number of other high-profile individuals are also believed to have looked at the company, including Sean Quinn, while Dairygold, which is a shareholder in the company, is also understood to have been interested at an earlier stage.

One51 was engaged in a ¬ 64m offer for the company's wind and waste management businesses last year before talks broke down.

It is understood that SWS's energy, waste and business process outsourcing businesses are for sale.

Forestry

The company is also involved in a number of other practices, including cattle breeding and forestry services.

SWS is 20pc owned by management with the remainder of the shares held by Dairygold, Bandon, Barryroe, Drinagh and Lisavaird co-ops.

While the company is expected to command a price of over ¬ 100m at this stage, industry sources said yesterday that, following the due diligence process, the price may be lower.

The Bandon firm employs over 600 people, and is one of the biggest indigenous employers in the region. It has extended its wind and waste management arms, and needs about ¬ 100m in capital to fund developments over the next three years.

The sales process,being managed by Merrion Capital, will conclude by December 22.

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