EnviroWaste sold to Hong Kong’s CKI for half a billion

Article – BusinessDesk

Jan. 15 (BusinessDesk) – Waste management company EnviroWaste has been sold in a half billion dollar deal.

EnviroWaste sold to Hong Kong’s CKI for half a billion

Jan. 15 (BusinessDesk) – Waste management company EnviroWaste has been sold in a half billion dollar deal.

Australian private equity company Ironbridge has sold the company to Hong Kong-based Cheung Kong Infrastructure Holdings Limited (CKI) for $490 million, plus $11 million for finance lease obligations.

Ironbridge, which also owns TV3 and Radio Live through its MediaWorks stable, said it was exiting the investment after making 17 bolt-on acquisitions and doubling underlying earnings since the purchase from Fulton Hogan in April 2007.

Ironbridge has doubled its money, having paid $259 million in 2007. The sale comes after speculation as far back as April last year that it was considering a sale or an initial public offer of the business.

The sale price is ten times earnings before interest, tax, depreciation and amortisation.

The inventor of New Zealand’s first

Content Sourced from scoop.co.nz
Original url