EnviroWaste sold to Hong Kong’s CKI for half a billion
Jan. 15 (BusinessDesk) - Waste management company EnviroWaste has been sold in a half billion dollar deal.
Australian private equity company Ironbridge has sold the company to Hong Kong-based Cheung Kong Infrastructure Holdings Limited (CKI) for $490 million, plus $11 million for finance lease obligations.
Ironbridge, which also owns TV3 and Radio Live through its MediaWorks stable, said it was exiting the investment after making 17 bolt-on acquisitions and doubling underlying earnings since the purchase from Fulton Hogan in April 2007.
Ironbridge has doubled its money, having paid $259 million in 2007. The sale comes after speculation as far back as April last year that it was considering a sale or an initial public offer of the business.
The sale price is ten times earnings before interest, tax, depreciation and amortisation.
The inventor of New Zealand's first