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Ironbridge agrees NZ$501m EnviroWaste sale to Hong Kong’s CKI

15 Jan 2013

EnviroWasteAntipodean private equity investor Ironbridge has agreed to sell New Zealand-based waste company EnviroWaste to CKI for NZ$501m.

The purchase by CKI, the largest diversified infrastructure company on the Hong Kong Stock Exchange, represents a ten times EBITDA multiple for the financial year ending June 30, 2012.

That total comprises NZ$490m in cash and about NZ$11m of EnviroWaste finance lease obligations which will be assumed by CKI.

Ironbridge initially acquired EnviroWaste from Fulton Hogan in April 2007, assembling a new management team and making 17 bolt-on acquisitions to make a  national New Zealand waste company.

The company more than doubled its EBITDA during Ironbridge’s ownership.

Ironbridge closed its most recent buyout fund, Ironbridge Fund II, on A$1.05bn in 2006.

That vehicle was more than double the size of its A$450m debut buyout fund raised two years earlier.

The firm targets companies with enterprise value of between A$50m and A$250m specialising in the healthcare, financial services and outsourced services sectors.

Last August Australian buyout house Quadrant Private Equity reached a rescue deal to buy embattled furniture retailer Super A-Mart and Barbeques Galore from Ironbridge for about A$500m ($523m).

Quadrant agreed to pump about A$135m into the two business in return for a 60 per cent equity stake, representing a multiple of around six-times the company’s current EBITDA.

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