Global buyout firm Warburg Pincus has exited listed Australian waste company Transpacific Industries Group, selling its 33.9 per cent stake for AUD$570m ($541m).
Warburg Pincus acquired the stake back in 2009 via a placement and rights issue. The firm has invested some $522m in the company, Reuters reported.
Martin Hudson, chairman of TPI, said, “Jeff and Warburg Pincus have made a significant contribution to the governance and also to the direction of TPI since making their investment in 2009 Without their investment it is doubtful TPI would be in the position it is today.
“ While we are sorry to lose Jeff’s expertise on the board, w e are pleased with the strong support
from institutional investors evident in the robust pricing and expedient disposal of the stake.”
Earlier this year Warburg Pincus was said to be considering opening an office in Australia, despite having only one investment based in the country in its portfolio.
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