Riverside returns to New Zealand for Hiway buyout, five months after first exit in country

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The Riverside Company has bought into New Zealand-based road, rail and pavement stabilisation recycling specialist Hiway.

The 32-year-old business works also across slip and slope reinforcement, soil mechanics, geotechnical design and contamination remediation, and says it has a fast-growing footprint in the larger Australian market.

Riverside partner Steven Spiteri said, “It’s an exciting time for us, partnering with a company like Hiway.

“They’ve continually delivered high-quality, long-lasting solutions for more than 30 years, supporting the maintenance and construction of road, rail and other key infrastructure across Australia and New Zealand.

“That’s the kind of quality Riverside looks for when making investments – and we look forward to helping Hiway to continue to expand geographically and into adjacent market segments.”

BNZ, the incumbent lender to Hiway, provided debt financing for the deal. Russell McVeagh and Herbert Smith Freehills supported the transaction as legal counsel. KPMG Transaction Services and Deloitte advised on the deal.

Earlier this year Riverside sealed its first New Zealand exit with the sale of animal pharmaceutical injector and applicator business Simcro to Datamars.

The firm is currently out eyeing up to $1.5bn for its seventh flagship fund, an identical amount to that raised for its sixth fund in 2014.

It targets control and non-control investments in growing businesses valued at up to $400m.

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