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Beijing Capital Group acquires Transpacific’s waste management unit for NZ$950m

3 Mar 2014

New Zealand flag close upThe Beijing Capital Group has agreed to buy Transpacific Industries Group’s New Zelanad-based waste management unit for NZ$950m ($796m).

The business has annual revenues of around NZ$369m and earnings of NZ$107m.

Last week it was reported that a consortium that included two Maori tribes was preparing to make an offer for the business, which had also received interest from private equity firms including Carlyle.

Earlier reports said that the unit could be valued at around NZ$880m ($720m).

Group CEO and deputy chairman of BCG Wang Hao said, “BCG’s acquisition of TPI NZ, which is its first ever investment in New Zealand and major acquisition outside China, represents a strategic investment into the country’s integrated waste management sector.

“BCG believes substantial scope exists for cross border co-operation given the technical knowledge base of TPI NZ Management in areas such as landfill and local area environment management and the extensive scale of waste-sector investment opportunities in China and New Zealand.”

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