Waste Services Group Ltd (WSG) who trades through its subsidiary Company Acumen Waste Services Ltd (Acumen) today announces the divestment of its remaining shareholding in AVISTA OIL Services (UK) Ltd (AVOS) for an undisclosed sum to AVISTA OIL AG.
Founded by WSG in 2010 as Acumen Energy Ltd and headquartered in Wolverhampton, the AVOS name was introduced in 2015 to reflect the 2014 majority buy-in of AVISTA OIL AG to the business. Today’s divestment by WSG of their retained share ownership reflects the final stage of a pre-agreed strategy to transfer full ownership to AVISTA OIL AG over a defined period.
Both Acumen and AVOS’s customers, employees, operations and facilities are unaffected by these changes, with Acumen and AVOS continuing their existing, strong trading relationship.
Commenting for AVISTA OIL AG, Marc Verfürth, CEO:
”After several years of good and fruitful cooperation between our companies, we achieved to maintain and expand our footprint in the United Kingdom used oil collection business with our good quality services. In order to follow the envisaged path, we are glad to announce this final stage of our common strategy.”
Commenting for WSG, Andy Crossley, Director:
“We’re pleased to have concluded this final stage of the strategy we agreed with AVISTA. AVISTA OIL AG is the market leader in the oil processing sector and it’s obvious that they are well placed to ensure the continued success of the AVOS business.”
