Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Ironbridge to Sell EnviroWaste to CKI

Media Release
For immediate release

15 January 2013

Ironbridge to Sell EnviroWaste to CKI

Ironbridge is pleased to announce that funds advised and managed by Ironbridge have entered into a binding sale and purchase agreement, subject to customary conditions including OIO approval, to sell EnviroWaste to CKI, the largest diversified infrastructure company listed on the Hong Kong Stock Exchange. The transaction value of NZ$501 million in cash and assumed finance lease obligations represents a multiple of 10x EBITDA for the financial year ending 30 June 2012. [Transaction enterprise value comprises NZ$490 million in cash consideration payable by CKI and approximately NZ$11 million in EnviroWaste finance lease obligations to be assumed by CKI.]

Ironbridge funds originally acquired EnviroWaste from Fulton Hogan in April 2007. Ironbridge assembled a strong new management team and also supported the company in growing its business footprint, making 17 bolt-on acquisitions as part of a successful strategy to build a truly national New Zealand waste company. EnviroWaste has delivered strong organic growth during this period, more than doubling its EBITDA.

EnviroWaste has also made a significant contribution to the local economy, with the generation of more than 300 new full-time roles over the past six years.

EnviroWaste’s outperformance since 2007 highlights both Ironbridge’s expertise in resourcing and executing buy and build transactions as well as its experience in the waste management segment of the Outsourced Services sector. Ironbridge funds also own Global Renewables in Australia.

Ironbridge Founding Partner Julian Knights said “EnviroWaste has an outstanding management team lead by Kim Ellis, Gary Saunders and Earl Gasparich, who will continue to lead the business under CKI’s ownership. It has an excellent track record of retaining key customers and winning new business.”

EnviroWaste Chairman Kim Ellis said “We are very grateful to the Ironbridge team of Julian Knights, Kerry McIntosh and Chris Aughton for their valued contribution to the growth and development of our business over the past six years. EnviroWaste is well placed to continue to provide superior service to customers and to expand its operations under the ownership of CKI.”



Ironbridge advises funds that invest in private equity investment opportunities in Australia and New Zealand with an enterprise value of between A$50 million and A$250 million.

Ironbridge specialises in the Healthcare, Financial Services and Outsourced Services sectors. Ironbridge has a large and well resourced advisory team with a broad range of operational and investment experience.

Ironbridge Funds have a combined A$1.5 billion of committed capital with an investor base drawn from over 40 leading global institutions.


Cheung Kong Infrastructure Holdings Limited (“CKI”) is the largest diversified infrastructure company listed on the Stock Exchange of Hong Kong and is a member of the Cheung Kong Group which also includes, among others, Cheung Kong (Holdings) Limited, Hutchison Whampoa Limited, and Power Assets Holdings Limited.

CKI is a major investor and owner of infrastructure businesses and assets globally, with an international portfolio that spans Hong Kong, Mainland China, the United Kingdom, Australia, and New Zealand including investments in energy infrastructure, transportation infrastructure, water infrastructure, and other infrastructure-related businesses.


Earnings Before Interest Tax Depreciation & Amortisation.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Food: New National Science Challenge To Launch Research

What if New Zealand developed the next generation of foods that will help consumers maintain their health and protect them against diabetes, irritable bowel syndrome or chronic allergies? What if we could answer some big science questions – use that knowledge to develop foods with proven health benefits and boost our economy at the same time? More>>


Trade & Retail: Chinese Disaster Spells Quiet Season For NZ Fireworks Sales

In August, two massive explosions at a warehouse at the port in the port of Tianjin, Northern China, killing more than a hundred people and devastating large areas of the city. In the wake of the disaster, Chinese authorities rushed to regulate the distribution of all dangerous goods... More>>



Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news