Tag Archives: Waste Management

GFL Environmental Inc. Announces Agreement to Sell Environmental Services Business Valued at $8.0 Billion

Apollo logo
  • $8.0 billion valuation significantly exceeds management’s initial expectations
  • Proceeds to be used to repay up to $3.75 billion of debt and for opportunistic share repurchases of up to $2.25 billion
  • Transaction allows GFL to roll $1.7 billion of equity in a tax efficient structure allowing for significant future value accretion
  • Pro forma Net Leverage(1) of 3.0x creates greater financial flexibility and accelerates path to investment grade
  • Reduces annualized cash interest by approximately $200 million, significantly improving Adjusted Free Cash Flow1 conversion
  • Maintains synergies between Environmental Services and Solid Waste businesses

VAUGHAN, ON, Jan. 7, 2025 /PRNewswire/ – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL” or the “Company”) today announced that it has entered into a definitive agreement (the “Transaction Agreement”) with funds managed by affiliates of Apollo (NYSE:APO) (the “Apollo Funds”) and BC Partners (the “BC Funds”) for the sale of its Environmental Services business for an enterprise value of $8.0 billion (the “Transaction”). GFL will retain a $1.7 billion equity interest in the Environmental Services business and expects to realize cash proceeds from the Transaction of approximately $6.2 billion net of the retained equity and taxes.

GFL intends to use up to $3.75 billion of the net proceeds from the Transaction to repay debt, making available up to $2.25 billion for the repurchase of GFL shares, subject to market conditions, and the balance for transaction fees and general corporate purposes. Net Leverage (1), pro forma for the planned use of proceeds, is expected to be 3.0x.

“The sale of our Environmental Services business at an enterprise value of $8.0 billion is substantially above our initial expectations and is a testament to the quality of the business that we have built,” said Patrick Dovigi, Founder and Chief Executive Officer of GFL. “The transaction will allow us to materially delever our balance sheet which will accelerate our path to an investment grade credit rating. A deleveraged balance sheet will provide ultimate financial flexibility to deploy incremental capital into organic growth initiatives and solid waste M&A and allow for a greater return of capital to shareholders through opportunistic share repurchases and dividend increases, while maintaining a targeted Net Leverage (1) in the low 3’s.”

Mr. Dovigi continued, “The transaction allows us to monetize the Environmental Services business in a tax efficient manner while retaining an equity interest that will allow us to participate in what we expect to be continued value creation from these high-quality assets. In addition, GFL will maintain an option, not an obligation, to repurchase the Environmental Services business within five years of closing.”

“The repayment of debt is expected to reduce our annualized cash interest expense by approximately $200 million, resulting in significantly improved free cash flow conversion,” added Mr. Dovigi. “We will provide more details on the financial impact of the transaction when we report our 2024 full year results in February and host our Investor Day on February 27 at the New York Stock Exchange.”

Mr. Dovigi concluded, “After a long, robust and highly competitive process, we are excited to have selected the Apollo Funds and BC Funds to partner with on this transaction. We have a long-standing relationship with BC Partners, to whom we have delivered significant returns on their capital. We also look forward to working with Apollo, a leading alternative asset manager, with deep expertise and a demonstrated track record of value creation for its stakeholders.”

Craig Horton, Partner at Apollo, said, “GFL Environmental Services is a leading North American provider of increasingly essential industrial and waste management services, with a broad customer base and exposure to attractive and growing end markets. We believe this transaction will provide the Environmental Services business with greater flexibility to pursue organic and inorganic growth opportunities as an independent business, while also taking advantage of the strategic, value-added resources and structuring capability of the Apollo platform. This is a great example of partnership capital from the Apollo Funds, including our Hybrid Value and Infrastructure strategies, and we look forward to working with the talented management team as well as GFL and BC Partners to accelerate growth and drive value creation.”

Paolo Notarnicola, Partner and Co-Head of Services at BC Partners added, “Our long and successful relationship with Patrick and the GFL team underlines BC Partners’ true partnership approach, supporting entrepreneurial leaders at high-growth businesses in defensive sectors to scale and grow. Under Patrick’s leadership we have seen GFL’s Environmental Services business grow from a small franchise in Ontario in 2018 to a leading operator with over $500 million in Adjusted EBITDA. Going forward, we are excited about the growth potential of this business, which is best placed to capitalize on the significant consolidation opportunity in the environmental services industry, including further expansion in the United States. In addition, we look forward to working with the management team of GFL Environmental Services and our partners at GFL and Apollo to accelerate the delivery of the margin-enhancing and growth opportunities we have identified together.”

Pursuant to the Transaction Agreement, GFL will retain a 44% equity interest in the Environmental Services business and the Apollo Funds and BC Funds will each hold a 28% equity interest. The Transaction is expected to close in the first quarter of 2025 and is subject to certain customary closing conditions. The Transaction is not subject to any financing conditions.

GFL’s board of directors (interested directors having recused themselves) unanimously approved the Transaction upon the recommendation of a special committee comprised solely of independent and disinterested directors (the “Special Committee”).  In arriving at its unanimous recommendation that the Transaction is in the best interests of the Company, the Special Committee considered several factors, including among other things, a fairness opinion delivered to it by its independent financial advisor, Canaccord Genuity Corp., that the consideration to be received under the Transaction is fair to the Company from a financial point of view.

Brown, Gibbons, Lang & Company Securities, Inc. and J.P. Morgan Securities LLC served as financial advisors and Latham & Watkins LLP and Stikeman Elliott LLP served as legal counsel to GFL in connection with the Transaction. Canaccord Genuity Corp. served as independent financial advisor and Cassels Brock & Blackwell LLP served as legal counsel to the Special Committee in connection with the Transaction.

In connection with the Transaction, Sidley Austin LLP served as legal counsel to the Apollo Funds in the United States, Kirkland & Ellis LLP served as legal counsel to BC Partners in the United States and Osler, Hoskin & Harcourt LLP served as legal counsel to the Apollo Funds and BC Partners in Canada.

Further details regarding the Transaction are set out in the Transaction Agreement which will be made available on the Company’s profile on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca. The description of the Transaction in this press release is a summary only and is qualified in its entirety by the terms of the Transaction Agreement.

(1) A non-IFRS measure; see “Non-IFRS Measures” for an explanation of the composition of non-IFRS measures. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.

Conference Call

The Company will hold a conference call to discuss the Transaction on January 7, 2025 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto the Company’s Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 212213) approximately 15 minutes prior to the scheduled start time.

The Company encourages participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login?show=11c9d06b&confId=76038. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. A copy of the presentation for the call will be available at investors.gflenv.com.

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 20,000 employees.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately USD $733 billion of assets under management. To learn more, please visit www.apollo.com.

About BC Partners

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today, BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: Healthcare, TMT, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 120 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit bcpartners.com.

Forward-Looking Statements

This release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected financial and other benefits of the Transaction to GFL and its shareholders (including the expected timing of closing), as well as GFL’s expected use of proceeds, credit rating profile, growth plans and leverage. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate, potential asset sales, potential deleveraging transactions, potential share repurchases or potential strategic transactions are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or “potential” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Without limiting the foregoing, there can be no assurance that GFL will complete the proposed sale of its Environmental Services business or if so that the pre or after tax proceeds to GFL or any consequential debt repayment will be in an amount or on terms as favorable to GFL as is anticipated by such forward looking information, or that GFL undertakes any share buyback or if so as to the size, price or other terms thereof or its success.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; our ability to find purchasers for and complete any divestiture of assets on terms acceptable to us; our ability to use the proceeds of any such asset divestiture for deleveraging or potential share repurchases; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the “Risk Factors” section of GFL’s annual information form for the year ended December 31, 2023 and GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The purpose of disclosing our financial outlook set out in this release is to provide investors with more information concerning the financial impact of our business initiatives and growth strategies.

Non-IFRS Measures

This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.

EBITDA represents, for the applicable period, net income (loss) plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss). We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.

Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) mark-to-market (gain) loss on Purchase Contracts, (d) share of net (income) loss of investments accounted for using the equity method for associates, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the three and nine months ended September 30, 2024, Founder/CEO remuneration has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.

Acquisition EBITDA represents, for the applicable period, management’s estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, “Acquisition EBITDA Adjustments”). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.

Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) transaction costs, (b) acquisition, rebranding and other integration costs, (c) Founder/CEO remuneration, (d) cash interest paid on TEUs, (e) cash taxes related to divestitures and (f) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three and nine months ended September 30, 2024, Founder/CEO remuneration and distributions received from joint ventures have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid or received, as applicable, in prior periods. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL. For the three and nine months ended September 30, 2024, we excluded investment in joint ventures and associates from the calculation of Adjusted Free Cash Flow.

Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.

Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management’s estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, “Run-Rate EBITDA Adjustments”). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.

All references to “$” in this press release are to Canadian dollars, unless otherwise noted.

For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com

SOURCE GFL Environmental Inc.

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Carlyle to Acquire a Majority Stake in Waste Services Group from Livingbridge

Carlyle

Sydney, Australia, December 9, 2024 – Global Investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to acquire a majority stake in Waste Services Group (“WSG”), a commercial, industrial and liquid waste management business in Australia, from Livingbridge. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners (CAP). Livingbridge will also be reinvesting for a significant minority stake. Terms of the transaction are not being disclosed.

Established in 2016, WSG is a waste services company operating in the commercial and industrial segment of the Australian waste sector, serving over 10,000 customers and employing over 600 people.

Carlyle has a long history of investing in and growing industrial businesses, both globally and across Asia. Carlyle will work with WSG’s management team to further build out the company’s scale and operations, including supporting continued geographic expansion within Australia, and the broadening of services provided.

Geoff Hutchinson, Managing Director and Head of Australia and New Zealand at Carlyle, said, “We have been impressed by WSG’s track record of growth, enabled by its strong focus on customer service, and we think the business is an excellent platform for continued expansion. We are excited to partner with the management team and look forward to working together with them on the next chapter of growth.”

Oliver Mauldridge from Livingbridge, said, “We are committed to the continued success of WSG and are delighted to be reinvesting. We look forward to partnering with management and Carlyle to build the leading commercial and industrial waste business in the region.”

Carlyle has invested approximately US$32 billion of equity in over 125 deals in the industrial sector globally, as of September 30, 2024.

***

About Waste Services Group

Waste Services Group (WSG) is a waste services company operating in the commercial and industrial segment of the Australian waste sector. Since its inception in 2016, WSG has grown to now serve over 10,000 customers and employ over 600 people.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Livingbridge 

Livingbridge is a leading mid-market private equity firm which empowers businesses to unlock their potential. Since 1999, Livingbridge has supported over 170 investments. Livingbridge is an ambitious and international team with offices in London, Manchester, Australia, and the US.

To find out more visit Livingbridge.com   

 

Media contacts:

Carlyle

Lonna Leong

Lonna.leong@carlyle.com

+852 9023 1157

 

About Livingbridge 

Livingbridge

Lydia Kalia

Lydia.kalia@livingbridge.com

+44 7850 972496

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DEScycle secures £10.2m to revolutionise metal recycling technology

The deep tech company has successfully closed its Series A round, co-led by BGF and Berlin-based Vorwerk Ventures.

18 November 2024
DEScycle secures £10.2m to revolutionise metal recycling technology

DEScycle, a deep tech company pioneering technology to recycle metals from electronic waste (e-waste), has successfully closed a £10.2 million Series A round.

The investment was led by BGF, with Berlin-based Vorwerk Ventures as co-lead. Incoming investors include Cisco Investments, Kadmos Capital, and Nesta. Follow-on investment was received from existing shareholders, including TSP Ventures, Green Angel Ventures, and CPI Enterprises.

E-waste is the world’s fastest-growing waste stream, with over $91 billion of e-waste produced in 2022, growing to $120 billion by 2030. Current recycling technologies are outdated, harmful to the environment, and difficult to scale. In addition, the pace of e-waste generation is outstripping the growth of recycling capacity by a factor of 5x (Global E-waste Monitor 2024).

DEScycle is delivering a clean, scalable technology that tackles this problem, creating local circular economies of recycled metals that reduce the reliance on international supply chains. The tech is based on a new eco-friendly class of chemistry: Deep Eutectic Solvents (DES).

“DEScycle is poised to make a significant impact on metals recovery and sustainable e-waste management. We look forward to supporting DEScycle’s mission to replace outdated pollutive technologies, delivering significant costs savings, increased performance, environmental impact, and transparency in the critical e-waste recycling sector.”
Rowan Bird
Investor at BGF

Funds raised will be used to construct and operate a pre-commercial pilot plant at Wilton International in Teesside, UK. The plant will be instrumental in demonstrating DEScycle’s DES-based technology in a real-world environment, as well as providing the data for commercial scale-up.

Future plans include the opening of an e-waste recycling facility in Gateshead, with the support from DEScycle’s joint venture partner, GAP Group, one of the UK’s largest e-waste recyclers. The commercial-scale plant will be able to recycle 5,000 tonnes of e-waste per year, producing critical raw materials, including copper and palladium, as well as precious metals, such as gold, for industrial use.

Descycle metal recycling technology

DEScycle is a keen supporter of the UK as an innovation and technology hub, and the company plans to continue to develop and scale its technology within the country. In doing so, it will leverage the deep knowledge and infrastructure that exists through its relationships with the University of Leicester (where DES was discovered in the early 2000s) and UK Catapult organisation CPI (Centre for Process Innovation), as well as new relationships, such as Wilton International, which is part of the Teesside industrial cluster and provides access to a permitted site for scaling chemistry-based technologies.

“This funding round accelerates our momentum, allowing us to progress bringing our innovative DES technology to the industrial level and demonstrate its effectiveness in real-world conditions. As a home-grown UK company, it is strategic to build both our pilot and commercial plants here. The UK is one of the world’s hubs for innovative technology, and we are proud to continue this legacy.”
Dr Rob Harris
CTO at DEScycle

DEScycle Chair, Ian Cockerill, said: “DEScycle has made significant progress over the last 18 months, and the successful closing of this funding round is a strong vote of confidence for the team, the technology, and our potential to revolutionise the metals industry. The business is paving the way for an environmentally responsible and profitable approach to metals recycling from e-waste. This is particularly relevant for growth areas, such as AI, which require a significant infrastructure rollout reliant on metals, all of which, due to their short lifespan, will be recyclable when DEScycle launches commercially.”

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CVC DIF acquires strategic interest in Singapore’s leading hazardous waste management company ECO

CVC Capital Partners

CVC DIF has agreed to acquire a 49.9% stake in ECO, a hazardous waste management company in Singapore.

  • ECO operates with 649,000 tonnes per year waste processing capacity for its customers across a range of services.
  • This acquisition marks CVC DIF’s inaugural investment into Asia.
  • Séché Environnement will retain a 50.1% share and bring their extensive waste management and circular economy waste expertise to the partnership.

CVC DIF, the infrastructure arm of global private markets manager CVC, has agreed to acquire a 49.9% stake in ECO, Singapore’s leading hazardous waste management company (by market share, range of service offerings & treatment and incineration capacity), from Séché Environnement (who will retain a 50.1% share). This transaction marks CVC DIF’s inaugural investment in Asia. The investment in ECO will be made through DIF Infrastructure VII.

ECO is a local market leader with a strong focus on innovation and technology regarding the circular economy that serves a diversified customer base of leading industrial companies benefiting from long term relationships offering the broadest array of hazardous waste management services in Singapore. With a waste processing capacity of 649,000 tonnes per year (“ktpa”), ECO operates 12 waste incinerators (439 ktpa) and four specialized treatment facilities (210 ktpa), including a cementation plant for inorganic waste and a wastewater treatment plant for both organic and inorganic liquid waste. The company operates with a team of over 300 employees and a dedicated fleet of waste collection vehicles.

Gijs Voskuyl, Managing Partner at CVC DIF, said: “ECO’s leading market position, their longstanding and diversified client relationships and the high barriers to entry in the sector make this an interesting investment for DIF Infrastructure VII. Moreover, this investment marks the first investment of CVC DIF in Southeast Asia, on the back of CVC DIF’s global sector relationships and CVC’s widespread local office network in the region. We are delighted to partner with Séché Environnement, a market leader in hazardous waste. Together with Séché Environnement and ECO’s Singapore based management team, we are well-positioned to drive ECO’s growth as a leader in sustainable infrastructure in the region.”

Alvin Lim, Senior Managing Director at CVC Asia, commented: “This acquisition is a pivotal entry point for CVC DIF in Asia. With CVC DIF’s infrastructure sector expertise and CVC Asia’s strong local presence, we are excited to support ECO’s management team, in partnership with Séché Environnement, to further drive ECO’s growth initiatives.”

Maxime Séché, CEO of Séché Environnement, added: “We are delighted to have CVC DIF, a key player in infrastructure investment, as a long-term partner in ECO. Together, we share an ambitious vision for ECO’s future, one that aligns with CVC DIF’s ambition to advancing infrastructure across Asia. The combination of our industrial, financial and strategic expertise provides a strong foundation for ECO’s growth in Southeast Asia.”

The transaction is expected to close in the coming weeks.

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EQT Broadens Reworld™ Investor Base, Welcoming GIC as Strategic Investor

eqt

GIC to acquire a 25% minority interest in Reworld Waste, LLC

Broadened investor base adds new resources, expertise, and capital that will help accelerate the Company’s journey as one of North America’s leading sustainable waste solutions companies

EQT and GIC are pleased to announce that the EQT Infrastructure V fund (“EQT Infrastructure”) has signed an agreement to sell a 25% minority stake in Reworld™ (“the Company”) to GIC via a combination of primary and secondary capital. EQT Infrastructure took the Company private in November 2021 and will remain the largest shareholder following the closing of the transaction.

Reworld™ has rapidly scaled into a leader in sustainable waste solutions, providing innovative and environmentally responsible services to businesses and communities throughout North America. Since 2021, Reworld™ has nearly doubled its number of operational facilities and increased headcount by 800, significantly expanding its reach across new and existing core geographies. Today, Reworld™ reduces, recycles and recovers more than 20 million tons of waste across over 100 facilities for more than 4,600 customers.

The stake sale marks a strategic milestone in the Company’s journey. As a strategic partner, GIC’s significant financial capital and scale will play an essential role in accelerating the Company’s growth plans, and meeting the growing demand for sustainable waste solutions from it’s municipal, residential, commercial and industrial customers in North America.

JD Vargas, Partner within EQT Infrastructure’s Advisory Team, said: “This transaction will further enable Reworld™ to accelerate its growth journey, as it addresses the increasing demand for zero-waste-to-landfill solutions and circular economy goals. As U.S. waste generation grows and more complex solutions are required, especially as landfill capacity declines in the core regions where Reworld™ operates, EQT remains committed to supporting the Company in developing and deploying the sustainable waste management solutions necessary for a thriving circular economy.”

Ang Eng Seng, Chief Investment Officer, Infrastructure at GIC, said: “As a long-term investor, the expansion of our partnership with Reworld™ reflects the significant potential for more sustainable alternatives to waste disposal, an essential service for all communities. GIC is committed to supporting the transition to net-zero in the real economy, and this funding will support the ambitious growth plans Reworld™ has as they seek to deliver a lower-emission alternative to landfills.”

Manning Doherty, Head of Infrastructure, Americas at GIC, remarked: “As an existing co-investor in Reworld™, GIC has been proud to partner with EQT to support the Company’s transformation over the past three years. Today, Reworld™ is positioned for significant growth and this capital will help the business meet a growing demand for zero-waste-to-landfill solutions. We look forward to driving significant value through our continued partnership with the Company’s expert management team, and our long-standing partner EQT.”

Azeez Mohammed, President and CEO of Reworld™, commented: “This partnership propels Reworld™ forward by significantly enhancing our ability to serve our customers and communities as their needs evolve. With the combined support of EQT and GIC, we are in an excellent position to accelerate the growth of our innovative waste solutions, amplify our zero-waste initiatives, decrease reliance on landfills, and contribute to a more sustainable and resilient future for everyone.”

The transaction is subject to customary conditions and approvals and is expected to close in Q1 2025.

Citi and Houlihan Lokey are serving as financial advisors and Simpson Thacher & Bartlett are providing legal counsel to EQT Infrastructure. Goldman Sachs is serving as exclusive financial advisor and Dechert is providing legal counsel to GIC.

Contact

EQT Press Office, press@eqtpartners.com

GIC Press Office, Katy Conrad – Head, Corporate Affairs & Communications – Americas, katyconrad@gic.com.sg

Reworld™ Press Office, Nicolle Robles, NRobles@reworldwaste.com

About

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info:www.eqtgroup.com
Follow EQT onLinkedIn,X,YouTube andInstagram

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg or follow on LinkedIn.

About Reworld™: Reworld™ is a leader in sustainable waste solutions, providing innovative and environmentally responsible services to a global community. Reworld™ is committed to advancing zero waste initiatives and supporting sustainability goals through state-of-the-art technologies that reimagine, reduce, reuse, recycle, recover and renew. For more information, visit www.reworldwaste.com.

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EQT to acquire KJ Environment and affiliated companies to establish a leading waste treatment platform in South Korea

eqt

KJ Environment and affiliated companies to form an end-to-end business portfolio in the waste treatment value chain specialized in plastic recycling and waste-to-energy

Global demand for recycled plastic is expected to accelerate due to strengthened regulations as well as voluntary commitments by companies in the private sector

EQT will help establish a scaled and diversified end-to-end waste treatment platform with a focus on circular economy infrastructure

 

EQT is pleased to announce that EQT Infrastructure VI (“EQT”) has entered into a definitive agreement to acquire KJ Environment and affiliated companies (collectively the “Platform”) from Genesis Private Equity, , a buyout and build-up specialist, to establish a scaled and diversified end-to-end waste treatment platform focused on plastic recycling and waste-to-energy in South Korea.

The Platform comprises an end-to-end business portfolio in the waste treatment value chain, with core competencies in recyclable waste sorting, plastic recycling and waste-to-energy capabilities. It has strategically located sites in the Greater Seoul Metropolitan Area, serving catchment areas covering more than 50% of the country’s population and its GDP.

The Platform is a leading plastic recycler in South Korea in terms of treated volume, with stable access to high-quality waste plastic feedstock and cutting-edge technology to produce advanced recycled plastics suitable for food and beverage products that involve human contact. As a result, the Platform is well-positioned to advance its leadership in waste treatment with a focus on circular economy infrastructure.

Global demand for recycled plastic is expected to accelerate due to strengthened regulations mandating its use across a myriad of products and applications as well as voluntary commitments in the private sector, most notably in consumer-packaged goods. Sorting plays a particularly critical role in South Korea’s waste treatment value chain as all recyclable waste is aggregated and processed at sites before being transferred to recycling facilities.

The acquisition marks EQT’s second infrastructure investment in South Korea, and is aligned with EQT’s thematic approach to investing in climate-related infrastructure opportunities, supporting resource efficiency and a more circular economy. EQT is committed to working closely with KJ Environment and the affiliated companies to provide both capital and operational support to deepen and expand its customer partnerships, introduce automated machinery and digital solutions, and continue to build trust within the communities it serves.

Sang Jun Suh, Partner in the EQT Infrastructure Advisory Team, commented: “We are delighted to be partnering with KJ Environment and its talented management team. We look forward to applying EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment elevate into a true market leader in the waste treatment space. This investment also marks EQT’s latest milestone in South Korea, a market we believe holds tremendous potential and is strategically important to our regional investment strategy.”

The Platform adds to EQT’s global portfolio of companies which engage in waste-related business and builds on EQT’s track record of supporting infrastructure companies in the Asia Pacific region. Since 2020, EQT Infrastructure has committed EUR 5 billion of equity, including co-investment, in Asia Pacific companies. The portfolio managed by EQT’s infrastructure team in Asia Pacific employs approximately 11,000 people.

EQT has been investing in South Korea since 2009 and views the market as a key part of the firm’s Asia Pacific strategy across infrastructure, private equity, and real estate investing. EQT Infrastructure looks to support South Korean businesses in achieving their growth and operational objectives by leveraging the expertise of EQT’s global sector teams, in-house expert capabilities within sustainability and digitalization, and global network of Industrial Advisors.

The transaction is subject to customary conditions and approvals. It is expected to close in Q4 2024.

EQT was advised by JP Morgan (financial), Kim & Chang (legal), and PwC (financial and tax).

With this transaction, EQT Infrastructure VI is expected to be 45-50 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

 

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,800 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

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EQT Infrastructure to acquire a majority position in Heritage Environmental Services, a leading provider of industrial waste management

eqt

 

Industrial waste management services constitute a vital segment of the industrial manufacturing and production process by ensuring reliable and compliant final disposal of specialized and highly regulated waste

Transaction highlights EQT’s commitment to partnering with purpose-driven companies that provide essential services to society. Heritage Environmental Services owns and operates 37 mission critical assets that provide the last line of defense for the environment

EQT Infrastructure to accelerate Heritage’s future growth trajectory with EQT’s extensive experience in the environmental services sector through investments in sustainability, digitalization, and operational excellence

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has agreed to acquire a majority position in Heritage Environmental Services (“HES” or the “Company”) from The Heritage Group. Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US. The Company is headquartered in Indianapolis, IN and has 37 highly regulated facilities strategically located in key industrial hubs across the US. HES and its nearly 1,600 full-time team members safely manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers. The company’s wide array of tailored solutions from waste disposal, on-site support, and technical solutions to emergency response and sustainability services, address customers’ complex waste problems across more than a thousand waste types.

Industrial waste management is a vital part of the waste disposal value chain, offering total elimination of waste from the environment and enabling safe and sustainable industrial manufacturing and production. Compelling market tailwinds from US industrial output growth, manufacturing onshoring, bipartisan policy incentives such as the CHIPS and Science Act (CHIPS), and outsourcing is increasing the need for industrial waste management services. HES, with its 50+ year operational track record and national footprint, is well positioned to be a leading partner to industrial customers.

Juan Diego Vargas, Partner within the EQT Infrastructure Advisory team, said: “EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society. EQT is excited to partner with the entire HES team and to invest in organizational, operational and digital technology initiatives that will enhance HES’s ability to provide reliable and compliant final disposal to complex industrial waste challenges.”

This transaction highlights the strength of EQT’s Environmental Services practice and existing strong relationship with The Heritage Group. EQT previously partnered with The Heritage Group on its investment in Cirba Solutions, a premier battery recycling materials and management company. At transaction close, The Heritage Group will continue to remain a shareholder in the Company, building on the trusted partnership with EQT.

EQT’s purpose-driven investment model represents several growth opportunities for HES, whose business centers on being the last line of defense for the environment. EQT is committed to working closely with HES, providing both capital and operational support, to achieve compelling results for all stakeholders. Under EQT’s ownership, HES will continue to differentiate its service offerings, with a focus on innovation and sustainable services. EQT is committed to growing HES’s team, realizing near-term operational upgrades, enhancing customer partnerships and building greater trust with the industrial customers that HES serves.

Jeff Laborsky, HES CEO, said, “EQT has been a strong partner to The Heritage Group, and we are excited to expand our relationship. Importantly, the concepts of a similar culture, treatment of our employees, respect for the communities we serve and commitment to a long-term partnership with THG were key criteria in selecting EQT as our partner. Combined with EQT, our joint commitment is to continue to bring the most innovative reuse, recycle, treatment, and disposal solutions in the United States. HES is at the forefront of providing sustainable solutions to our customers and EQT’s partnership will accelerate our growth and investment in expanding our differentiated offerings. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q1 2024.

Nomura Greentech served as exclusive financial advisor and Simpson Thacher & Bartlett provided legal counsel to EQT Infrastructure. Truist Securities was the exclusive financial advisor to The Heritage Group and Kirkland & Ellis LLP served as legal counsel in connection with the transaction.

With this transaction, EQT Infrastructure VI is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

 

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Eurazeo invests into 2BSI, an innovativeactor in circular economy and waste recovery

Eurazeo is delighted to announce its investment in 2BSI by its Transition Infrastructure Fund and will support the group in its decarbonisation strategy. Through this transaction, Eurazeo becomes the majority shareholder in 2BSI, alongside its historical investors, Garibaldi Participations and a pool of investors from the Caisse d’Epargne group (CELDA/CEPAL), and the management team.

Founded in 1993, 2BSI is a materials and energy recovery specialist operating in niche markets: recovery of concrete poles and sleepers (via its divisions SRB and Gravaloire) and class C hazardous wood (SRB and Gravaloire), manufacturing of composite poles (via its division Transalpes Composites), and recovery of bio-waste (via its division BME). The group has established long-term relationships with institutional customers (Enedis, Orange, SNCF, etc.) and has co-created solutions perfectly adapted to their needs, such as manufacturing of composite poles designed for Orange.

The group’s ambition is to address the challenges of the energy and ecological transition, and it is positioned today as a key player in the waste management and recovery space, with full control of its upstream and downstream processes, through: long-term contracts with customers, energy recovery of processed waste through two channels (biomass and biogas power plants), and a unique territorial network.

Through this investment in 2BSI, Eurazeo is tackling the challenge of accounting for ESG issues in the recovery of infrastructure waste. Eurazeo will support 2BSI in its transition, notably by putting in place an ambitious decarbonization trajectory in line with the Paris Agreement, and will study the possibilities of making the group’s activities more circular. Eurazeo’s investment will also support de development of the group, both organically and through targeted acquisitions. Eurazeo’s investment will also support the company’s development, both organically and through targeted acquisitions.

This is the sixth investment made by Eurazeo’s Infrastructure team, which is pursuing its ESG and sustainability objectives by supporting the energy transition and contributing to a low-carbon economy.

Richard Molina, CEO of 2BSI, declared:

« The 2BSI team and I are delighted to welcome Eurazeo as a new shareholder. Joining forces with a leading European fund is a strategic step in continuing our development as a major player in the highly specialized recycling business. We are convinced that this partnership will help us strengthen our leading position in the French regional market and accelerate the decarbonization of our activities and our development in biowaste. »

Martin Sichelkow, Managing Director – Infrastructure added:

« We are proud to invest in 2BSI, a French leader in the recovery of infrastructure waste and bio-waste. The quality of its management and the growth prospects of the markets it serves make 2BSI a key player in the waste management, and an important vector in the transition to a low-carbon economy. »

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Apollo Impact to Acquire Accent Family of Companies, a Leading Value-Added Distributor and Manufacturer of Baling Wires and Equipment Servicing the Recycling and Waste Management Industries

Apollo
Positions Trusted Brand for Continued Expansion Amid Increasing Focus on Sustainability & Recycling Solutions

NEW YORK, Aug. 07, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have completed the acquisition of the Accent Family of Companies (“Accent” or the “Company”), which includes Accent Wire-Tie, Accent Wire-Tie United Kingdom and Accent Building Materials. Accent is a leader in the distribution and manufacturing of baling wires and wire-tier machines, which are core products used in the recycling and waste industries in the U.S., Canada, and the U.K. In addition, complementing its core recycling solutions business, Accent Building Materials is a regional wholesale distributor of building materials serving customers across the Sun Belt in the U.S. Existing investor Crossplane Capital (“Crossplane”) partnered with Accent’s founders, the Sims family, in 2019 to acquire a controlling interest in Accent. Crossplane and the Sims family will retain a minority stake in the Company. Financial terms were not disclosed.

Headquartered in Tomball, Texas, Accent plays a critical role in the recycling and waste management value chain by providing the baling wire, equipment, and services that are central to enabling the economical, efficient, and safe transportation of recycled materials. In doing so, Accent’s products and services contribute to the reduction of both landfilled waste and emissions. Additionally, the recycling and waste industries are resilient throughout economic cycles and can benefit from secular tailwinds including corporate sustainability initiatives, federal and state legislative actions designed to drive an increase in U.S. recycling volumes, and increasing consumer preference for sustainably produced products and packaging.

“We believe Accent is a critical supplier to the recycling industry poised for continued growth and impact, and we see several opportunities to help grow and develop the Company,” said Joanna Reiss, Partner and Co-Head of Impact at Apollo. “We look forward to partnering with Bill and the talented team at Accent to support its expansion globally, which we believe will contribute to the continued adoption of sustainable recycling practices leading to a decrease in landfilled waste and emissions in local communities.”

Bill Sims, CEO of Accent, said, “As we continue to grow Accent globally and capitalize on the opportunity set in front of us, we are delighted to partner with Apollo and the firm’s team of dedicated professionals who recognize the important role we have in driving a more sustainable future. With Apollo’s support, we believe we will be able to reach more customers and drive increased responsible consumption and production globally. We are also grateful for Crossplane’s support over the past four years and look forward to their continued involvement as a minority investor alongside the Apollo Funds.”

Brian Hegi, Crossplane’s Managing Partner, added, “Accent is well positioned to continue its steady growth for years to come as the Company cements its critical role in enabling the recycling process. We look forward to working with Bill, Joanna and their respective teams to expand Accent’s products into both new and existing markets.”

The Apollo Impact platform pursues private equity-like opportunities with the intention of creating positive, measurable social and/or environmental impact while generating attractive risk-adjusted returns. It looks to achieve impact at scale by investing in industry-leading companies that are helping to tackle the most pressing environmental and social challenges. Co-led by Ms. Reiss and Marc Becker, the Impact platform builds upon Apollo’s long-standing track record of engagement on sustainability issues that spans more than a decade.

Apollo was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP, Latham & Watkins LLP, PwC, and the Bridgespan Group.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2023, Apollo had approximately $617 billion of assets under management. To learn more, please visit www.apollo.com.

About Accent Family of Companies

Founded in 1986, Accent is a full service, value-added industrial distribution company focused on the waste / recycling and building materials industries. Through its Wire-Tie division, Accent’s core offerings include baling wire distribution, bale tie manufacturing, wire-tier equipment manufacturing, and wire-tier parts and repair services to waste management providers, material recovery facilities, packaging companies and commercial customers throughout the United States, Canada and the United Kingdom. Through its Building Materials division, Accent is a regional distributor of roofing, concrete, drywall, and acoustical products to the construction industry under the Striker and NATCO brands throughout the west, southwest and gulf coast United States. For more information, please visit http://www.accentfamilyofcompanies.com/.

About Crossplane Capital

Launched in 2018, Crossplane Capital is a Dallas-based private equity firm that makes control investments in niche manufacturing, value-added distribution and industrial business services companies. The firm seeks to partner with lower-middle market companies to enhance financial performance and generate strategic value creation. For more information, please visit www.crossplanecapital.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
Communications@apollo.com

Crossplane Contact

Katie Oswald
Managing Director of Business Development
Crossplane Capital
504-957-0014
katieoswald@crossplanecapital.com

 


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Source: Apollo Global Management, Inc.

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Ardian to acquire leading European waste management and circular economy platform Attero

Ardian

24 July 2023 Infrastructure Germany, Frankfurt

Ardian, a world-leading private investment house, announced today that it has signed an agreement for the intended acquisition of 100% of Netherlands-based Attero, one of the largest independent European waste management and circular economy platforms, active in the essential waste value chain segments of energy recovery, plastics recycling, and organic waste management.
Headquartered in Wilp, Attero is a leading Dutch operator of energy-from-waste, plastics recycling, biomethane production, and inert mineral depository facilities, processing 3.6mt of waste from municipalities and businesses and generating more than 800 GWh of renewable electricity, equivalent to powering 300,000 homes, as well as 22m m3 of green gas. As an integrated platform, Attero is a key contributor to the Dutch and European circular economy and energy transition and helps to address the energy independence and decarbonization challenges. Attero’s longstanding and wide-ranging industrial expertise brings a unique value proposition to the Dutch and European waste markets.
With Ardian’s investment, Attero stands to further capitalize on its leading position and integrated business model across the waste management value chain, providing an integral and essential service to communities and industries. Ardian plans to support Attero’s renewable energy expansion via significant capex investments into biomethane from organic waste and solar PV development on closed landfill sites. Furthermore, Attero will accelerate its contribution to the decarbonization of Dutch industry through the development of Carbon Capture and Storage facilities.
“We have been impressed by the operations and exceptional management team of Attero – a company that is a leader in waste management and circular economy solutions. This investment further demonstrates our strategy of supporting leading infrastructure businesses and further expanding our commitments in the Netherlands. We are looking forward to working with Paul and his outstanding management team to invest into sustainable long-term projects, to help realize Attero’s significant growth potential and to continue delivering best-in-class essential services to municipalities and industries as well as renewable energy to Dutch homes and businesses.” Daniel von der Schulenburg, Head of Infrastructure Germany, Benelux and Northern Europe, Ardian

“We are excited to partner with Ardian, a strong and industrially-minded infrastructure investor which has the expertise and capabilities to support us in this important next stage of our development. Together with Ardian’s support we will be able to invest significant funds into decarbonization plans and further increase our recycling activities.” Paul Ganzeboom, CEO, Attero

Closing of the investment is subject to customary closing conditions, including obtaining required regulatory approvals and work council consultation, and is expected to take place in Q4 2023.

List of participants

  • Ardian

    • Daniel von der Schulenburg, Federica Vasquez, Jeremy Haddak, Leonard Rasche, Jonas Kröger, Niranjan Bhardwaj
    • Accounting & Tax: Deloitte
    • Commercial: Arthur D. Little & Tolvik
    • Energy: AFRY
    • Insurance: Aon
    • Legal: De Brauw Blackstone Westbroek
    • M&A: Royal Bank of Canada
    • Technical & Environmental: Arup

Attero

Attero is a leading Dutch waste management and recycling company. Founded in 1929 and headquartered in Wilp, Attero has approximately 800 employees. Attero treats c. 3.6 million tons of waste per year in two Energy from Waste (“EfW”) plants, three recycling plants, six anaerobic digestion facilities, seven composting facilities and ten Inert Mineral Deposit (“IMD”) sites. Attero sources waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as exporters.

Ardian

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

Press contact

Headland

ardian@headlandconsultancy.com

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