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

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news