Mastagard Sold to Enviro Waste Services

MEDIA STATEMENT

MAY 2014

Mastagard Sold to Enviro Waste Services

The Christchurch owners of Mastagard Group Ltd, the largest locally owned recycling and waste collection company in the South Island, are pleased to confirm that they have sold their business to EnviroWaste Services Ltd.

Mastagard, a household name in Christchurch and Canterbury, has grown into the largest New Zealand owned and operated waste collection and recycling business, said Sebastian Stapleton, the former Managing Director of Mastagard.

Mastagard, employing over 70 staff and operating over 30 refuse collection trucks, holds leading contracts with four District Councils and provides services to number of Canterbury’s largest commercial organisations.

“The rapid growth of Mastagard is due to a number of critical factors including strong marketing to its domestic customers, specialised services to the building and construction sectors combined with a determined and steadfast commitment to a premium service and customer satisfaction,”’ said Mr. Stapleton

Mr. Stapleton, who turned 30 a few days ago, said he and his fellow founder David Diggs are very proud of the strong market position.Mastagard has attained.

“That is reflected in the high level of client satisfaction; which has been made possible by the hard work of staff and contractors with particular credit to the experienced and dedicated management team, all of which who will remain on with Mastagard.”

”We were fortunate to have opportunities to grow in a tough, competitive, waste management industry that is largely dominated by international players. These have required creative solutions which, combined with the fast rate of growth, created many flow on commercial pressures that we overcame

“The purchase of the business confirms the respect that Mastagard has with its customers, and its competitors. It was important to us as the exiting Mastagard owners to entrust the business to an entity that is well respected in the waste industry and that will continue to provide world-class services to the Mastagard customers and capitalise on the rock solid foundation we built over the last decade or so.”

The settlement of the sale to EnviroWaste Services was completed on 30 April 2014. The sale price, which is subject to a confidentiality agreement between the parties, is described by Mr. Stapleton as “at market multiples consistent with those achieved in other acquisitions within the sector peer group.”

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