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

 


REFILE: EnviroWaste sold to Hong Kong’s CKI for $1/2B

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 "3wheelie bins" has more than 400 employees in New Zealand, according to its website.

Its new owner is the largest listed infrastructure company in Hong Kong, which already has substantial interests in New Zealand. In 2008, Vector sold its Wellington electricity network to CKI for $785 million.

EnviroWaste's accounts filed to the Companies Office show earnings before interest and tax of $32.16 million in the year to June 30, 2012, up from $25.45 million in the previous year. Revenue of $163 million was up from $144 million in the previous year.

But finance costs took the bottom line to a loss of $18.98 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news