SAICA - Acquisition of Stirling Fibre Group

Deal summary

Catalyst advised S.A. Industrias Celulosa Aragonesa CIF (SAICA) on the acquisition of Stirling Fibre Group.

SAICA is a Spanish privately owned integrated paper recycling group with a head office in Zaragoza, annual sales of €2.2 billion and employing 9,000 people across Europe. Its operations include paper collection and recycling, three paper mills and 45 corrugated packaging plants. SAICA is currently building a 500,000 tons per annum paper mill in North West England at a cost of £290 million.

The Stirling Fibre group is Scotland’s leading independent waste paper recycler. It was owned by the Connor family and complements previous UK acquisitions by SAICA as it is strong in new geographies having four depots in Scotland and two in the North East of England. Stirling Fibre currently processes around 190,000 tonnes of waste paper annually with a turnover of circa £28 million.

This is the third UK acquisition for SAICA and achieves their target of securing an initial 450,000 tonnes per annum of waste paper before the start up of the paper plant. The plant starts commissioning in December and plans to be fully operational by February 2012.

What difference did we make?

SAICA appointed Catalyst to complete a market map of the UK paper and cardboard recycling businesses and following this strategic review Catalyst was mandated to approach and negotiate with a number of businesses on behalf of SAICA.

Catalyst advised on the two earlier acquisitions of Futur Recycling (October 2010) and Cutts Recycling (July 2011) and following a period of intensive discussions with Stirling Fibre, SAICA reached agreement on the terms of a transaction and completed the acquisition at the end of August 2011. These deals emphasize Catalyst’s ability to work closely with international clients over the long term and complete acquisitions of owner managed businesses in a sector in which Catalyst has specialist knowledge.

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What our client said
"As a Spanish business we selected UK corporate finance advisors who we knew had deep knowledge of the waste industry and could execute our acquisition strategy. Catalyst has delivered on both these counts." Victor Sanz
Managing Director, SAICA Natur