Exel sells Cory Environmental to Montagu Private Equity
Exel, a U.K.-based provider of logistics services, has completed the disposal of Cory Environmental, its recycling and waste management unit.
Montagu Private Equity bought Cory from Exel for '200 million $381.2 million), plus a further '5 million ($9.5 million) of 'deferred contingent consideration,' Exel said in a statement.
Cory operates at 30 locations in the United Kingdom, providing services for the collection and disposal of waste as well as municipal cleansing. In 2004, Cory's operating profit was 13.3 million pounds. The company had net assets worth 74.1 million pounds.