• McGrath Group (McGrath) is an independent recycling and waste management company based in Barking, East London
  • McGrath's facilities include a waste transfer station (which currently receives more than 300,000 tonnes of recyclable and non-recyclable waste per annum), a wharf, and a materials recycling facility (MRF)
  • Cory, one of the UK’s leading waste management and recycling companies, transports waste on the River Thames


  • DC Advisory (DC) was engaged by Cory to provide debt advice on the acquisition financing of McGrath
  • DC contributed to a number of detailed work streams, including financial modelling, support in full documentation negotiations, and leading the negotiations for debt structuring, achieving a competitive acquisition debt package within a short timeframe


  • On 10 January 2022, Cory announced its acquisition of McGrath from the McGrath family
  • McGrath’s waste transfer station and wharf will provide additional capability to move waste to the two energy from waste (EfW) facilities
  • McGrath's MRF will expand Cory's recycling portfolio, supplementing the MRF that Cory operates for Western Riverside Waste Authority in Wandsworth
  • The acquisition comes as Cory progresses its Riverside 2 development, which will include a EfW facility that will be adjacent to Cory's existing EfW facility
  • DC was able to deliver a strong outcome for Cory that aligned with its overarching objectives by identifying a bespoke structure, which could be implemented with a streamlined process, and retains maximum flexibility for the combined business
  • This transaction highlights DC's expertise in the energy sector, and strengthens the long-term relationship with Cory