A comprehensive Environmental Due Diligence (EDD) project reaching across the Scandinavian countries
It can cost an acquirer dearly if they are hit by undiscovered environmental liabilities. EDD is therefore a critical tool of property and asset evaluation during transactions. Avis Budget was in the process of acquiring a number of leasehold businesses across Scandinavia. For a transaction this big, they wanted to manage their risks confidently. At the time, the leasehold businesses were used for industrial activities. This made it particularly important for Avis Budget to assess the financial and legal risks of the acquisition, since the handling of certain materials might have led to contamination.
Orbicon, one of the leading firms in Northern Europe within environmental management of soil and groundwater, was chosen to conduct environmental due diligence. The assignment covered 90 leasehold businesses across three countries, Denmark, Sweden and Norway, and was conducted in accordance with ASTM International’s Standard Practice for Environmental Site Assessments. The project was logistically comprehensive, due to its scale, with leasehold businesses in several different countries and tight report deadlines. However, as a North European consultant with offices throughout Denmark and Sweden, Orbicon could meet the challenge. Our network of specialists worked closely together across borders and brought in interdisciplinary expertise. This ensured that the project was executed with the highest level of quality, and in a cost-effective and timely manner.
By receiving the results of the EDD, Avis Budget lowered the risks of their transaction. Orbicon’s team ensured that the client was able to make well-informed and solid decisions by providing them with top quality reports and advice, and thereby helped them avoid sudden costs and penalties.