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New Energy Company Float

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Lovell to oversee energy firm float

John Waples

ALAN LOVELL will announce this week that he is to quit his post as chief executive of Jarvis, the support-services group, and join Terra Firma, the private-equity group headed by Guy Hands.

 

Lovell has been lined up to bring one of Terra Firma’s companies to the stock market. This business, which is yet to be given a name, specialises in converting waste to energy. It currently forms part of Waste Recycling, Britain’s biggest owner of landfill sites.

 

Hands has recently appointed Deutsche Bank to examine whether the division should be sold or demerged into a listed vehicle. The business, which has an enterprise value of about £500m, converts gases from landfill sites into energy. Terra Firma has said the operation currently produces 240 megawatts a year— enough energy to heat and light Reading for 20 years.

 

Lovell is understood to have been approached by a number of private-equity groups. He recently led the restructuring of Jarvis after it came close to collapse. This job has now largely been completed. Jarvis has quit construction to concentrate on rail renewal, roads and plant-hire work.

 

The group’s balance sheet is also in good shape after a debt-for-equity restructuring and a fundraising.

 

http://www.timesonline.co.uk/newspaper/0,,...2230535,00.html

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