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.”

ENDS


Ironbridge

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.

CKI

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.

EBITDA

Earnings Before Interest Tax Depreciation & Amortisation.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news