EQT Infrastructure to sell Synagro

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  • EQT Infrastructure to sell Synagro, the largest provider of wastewater biosolids solutions in North America, to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division
  • Synagro partners with local communities to process over 14 million tons of wastewater biosolids annually to protect the health of our water, air, soil, and those who depend on them
  • Under EQT’s ownership, Synagro has grown its facility footprint from 15 to 24 facilities, while expanding its services offerings to provide reliable and sustainable biosolids management solutions to 1,000 municipal and industrial customers across 35 states

The EQT Infrastructure II fund (“EQT Infrastructure”) today announced it has entered into a definitive agreement to sell Synagro Technologies, Inc. (“Synagro” or “the Company”) to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division.

Founded in 1986 and headquartered in Baltimore, Maryland, Synagro is the leading provider of wastewater biosolids solutions in North America. The Company provides essential biosolids treatment solutions, turning a waste stream into fertilizer products for over 1,000 municipal and industrial customers across 35 states. Synagro manages over 14 million tons of biosolids annually across its portfolio of 24 specialized treatment facilities and the industry’s largest permitted beneficial use land base.

Under EQT Infrastructure’s ownership, Synagro has developed into the industry leading wastewater biosolids solutions platform in North America with the industry’s largest wastewater biosolids treatment facility footprint, broadest network of permitted disposal solutions and most comprehensive environmental services offering. With its data driven and local approach, the Company has solidified its position as a trusted partner for municipalities and industrial customers helping to protect the water, air and soil quality of the local communities in which Synagro operates.

Crosby Cook, Partner at EQT Partners, said: “Partnering with the Synagro management team to develop the Company into the industry leading platform has been a fulfilling experience. Synagro’s sustainable business model aligns well with EQT’s ESG goals and we are proud to have been a part of the Company’s transformation. With ever-increasing demand for sustainable biosolids solutions, Synagro is well-positioned for its next phase of growth under Goldman Sachs’ ownership.”

Bob Preston, Chief Executive Officer of Synagro, said: “Under EQT’s ownership, we have cemented our position as market leader providing sustainable biosolids solutions to communities in North America. We see great potential for further growth in this market and look forward to continuing our journey together with Goldman Sachs.”

Cedric Lucas, Managing Director at Goldman Sachs Merchant Banking Division, added: “We are excited about the opportunity to partner with Bob and the Synagro team to build on their success, accelerate innovation in biosolids treatment solutions, and support the Company’s growth plans in the years to come. Synagro is a great example of our infrastructure funds’ commitment to investing in sustainable businesses and Goldman Sachs’ dedication to ESG.”

The transaction is subject to customary conditions and approvals. It is expected to close in December 2020.

Morgan Stanley & Co. LLC acted as financial advisor and Weil, Gotshal & Manges LLP as legal advisor to EQT Infrastructure.

Goldman Sachs & Co. LLC acted as financial advisor and Sidley Austin LLP as legal advisor to West Street Infrastructure Partners III.

Contact
US press contact, daniel.yunger@kekstcnc.com, +1 917 574 8582
Crosby Cook, Partner and Investment Advisor to EQT Infrastructure, +1 917 281 0851
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Synagro
Founded in 1986, Synagro Technologies, Inc. works to turn waste into worth by helping more than 1,000 municipal and industrial water and wastewater facilities in North America move toward safer, cleaner and more environmentally beneficial practices. For some, it’s simply cleaning the water supply. For others, it’s much more – we partner with them to process their waste for compost or energy pellets, creating healthy soil and sequestering carbon in the process. As the largest recycler of organic by-products in North America, we’re trusted because we remove risks while keeping the logistics clean. Because we have the most experienced team in the industry, we can offer tailored solutions that ensure no waste goes to waste. Much of our work isn’t pretty. But it’s a greener world emerging from a cleaner one – worth coming from waste – and we think that’s pretty beautiful.

More info: www.synagro.com

About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.

Scanship acquires ETIA

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On the 28th of August, Scanship Holding acquired the French environmental technology company ETIA Ecotechnologies. With this acquisition, Scanship broadens their technology portfolio and strengthens their access to landbased markets. Combined the companies have the ambition to create a market leading supplier in the waste-to-energy market.

Scanship and ETIA will jointly target all markets where pyrolysis can be deployed to convert organic waste, biomass, plastic and polymers into energy, fuels, biogenic materials or molecules for the purpose of decarbonizing energy, capturing carbon, valorising waste and creating end-of-waste solutions.

“Over the past years, we have built on Scanship’s position as the preferred supplier of waste management and wastewater purification solutions for cruise ships, we have moved into aquaculture and now most recently, also will deliver our first full-scale land-based solution. We have proven our ability to integrate advanced technology in commercially attractive solutions and profitable deliveries. The acquisition of ETIA is a logical next step. With the broader technology portfolio of ETIA, we will now expand of offering of land-based solutions,” says Henrik Badin, CEO of Scanship Holding.

He further adds: “ETIA is European technology leader to valorise biomass residues and waste into renewable products, chemicals and fossil free energy through pyrolysis solutions. ETIA’s proven solutions for turning waste into valuable green products and climate friendly energy fit well with our ambitions to become a leading player in the circular economy, both at sea and on land,” says Henrik Badin, CEO of Scanship Holding.

“Circular economy has been a key motivating factor for ETIA since the company’s inception in 1989. Like Scanship on marine applications, we have developed on-land compact solutions that capture valuable resources, prevent pollution and produce energy. Climate change and environmental issues must be addressed both on a global and local level, and our solutions can be adapted for both municipal and industrial applications. Scanship and ETIA share the same vision for the future, and we are impressed by Scanship’s proven skills and competences for system deliveries. By joining forces, we are making our combined offering even stronger,” says Dr. Olivier Lepez, Co-Founder and CEO of ETIA.

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Ecore Completes €255 Million Senior Secured Notes Offering

PARIS – December 3, 2018 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that its portfolio company Groupe Ecore (“Ecore”) successfully completed a high-yield bond placement. The Group issued €255 million in senior secured floating rate notes, with Barclays acting as sole bookrunner.

Established in 1993, Ecore is a leading player in the French metal recycling market. It employs over 1,400 people and recycles and sells 3.7 million tons of materials each year, including more than 3.0 million tons of ferrous metals. Ecore manages all stages of the recycling chain, from waste collection to processing, transport, and sale of recycled products. In 2017, Ecore generated revenue of €1.3 billion.

H.I.G. acquired a significant stake in Ecore in 2017 to support the Group in its new phase of development, alongside the Dauphin family and management team.

Olivier Boyadjian, Managing Director at H.I.G. Capital commented, “We are thrilled by the success of this operation, which demonstrates the confidence of investors in the company and its prospects, especially in the current difficult market conditions. Ecore is well placed to continue building on its success, and we look forward to further supporting Ecore and its management team. Ecore is a good example of H.I.G.’s value-added investment strategy in Europe.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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Altor to divest Norsk Gjenvinning to Summa Equity

Altor

Altor Fund III (“Altor”) has signed an agreement to divest Norsk Gjenvinning, Norway’s leading waste management company, to Summa Equity (“Summa”). Norsk Gjenvinning was acquired by Altor in 2011.

Norsk Gjenvinning is the leading Norwegian waste recycler and provides services for all types of waste, operating along the whole value chain from collection through processing/recycling to selected downstream solutions. In recent years, Norsk Gjenvinning has focused on continuous operational improvement and organizational development.

“It has been an exciting six years for Altor with Norsk Gjenvinning”, says Pål Stampe, partner at Altor Equity Partners and board member of Norsk Gjenvinning. “The company has seen significant changes during this period, driven by development of industrial processes across the waste management value chain. Over the last couple of years, we have seen these effects translate into strong earnings growth”.

Chairman of Norsk Gjenvinning, Ole Enger, has been an important contributor in driving operational improvements in the company. Enger will continue as chairman when Summa becomes new majority shareholder. “Summa Equity´s acquisition of the company is a recognition of the work all employees in the company has put in over the last years”, says Ole Enger. “I am impressed with the momentum in operational improvements; however, the work of industrializing the company is not over and needs continued focus. I look forward to being part of the journey going forward and ensuring continuity in the work ahead.“

“Norsk Gjenvinning has greatly benefited from being owned by Altor and we have had an exciting development together”, says Erik Osmundsen, CEO of Norsk Gjenvinning. “We are confident that Summa Equity will be a good owner of Norsk Gjenvinning and look forward to working with them to develop Norsk Gjenvinning further.”

The transaction is subject to customary regulations and approvals.

For more information, please contact:
Pål Stampe, Partner at Altor Equity Partners, +47 976 98 923
Tor Krusell, Head of Communication at Altor Equity Partners, +46 70 543 87 47
Erik Osmundsen, CEO of Norsk Gjenvinning, +47 915 47 885

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Sbanken ASA, Carnegie Investment Bank, HellyHansen, SATS/Elixia, Rossignol and Spectrum. For more information, visit www.altor.com.

Norsk Gjenvinning
Norsk Gjenvinning (“NG”) is Norway’s leading waste management company, collecting about 1.8 million ton waste yearly. NG provides services for all types of waste and operates along the whole value chain from collection through processing/recycling to selected downstream solutions. NG has ca 40 facilities and employs about 1,200 people in Norway, Sweden, Denmark and UK. For more information, visit www.norskgjenvinning.no.

 

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ATS and Service Link merge with Orwak Sweden and become the market leader in sales and service of compacting waste equipment

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Accent Equity

San Sac Group acquires the two companies Avfallsteknik Skandinavien AB (ATS) and Service Link Skandinavien AB (S
ervice Link). ATS is the market leader in sales of waste compaction equipment and Service Link offers a nationwide service organization for compaction equipment. Fredrik Jagin der, CEO of San Sac Group states:
”With the acquisition of ATS and Service Link and the upcoming merger with our Swedish sales company Orwak Sverige AB, we can offer the Swedish market the most complete product range of waste compaction equipment. In addition, we get
a nationwide service organization that ensures reliable operation at our customer sites.
The former owners of ATS and Service Link, Risto Sunell and Daniel Egeberg, remain in the business.
Daniel Egeberg comments:“The fact that our organization now gets access to the high quality products and the
competence in development andproduction of balers, which Orwak is in possession of, allows us to offer even more attractive solutions to the market.”
Risto Sunell, adds:” The merged business gains a position that enables us to become an even larger player nationwide and
strengthens our service offer further in the Swedish market.”
San Sac Group:
San Sac Group was formed in 2014 when San Sac and its subsidiaries ILAB Container and Rubaek merged with
Enviropac. The group expanded when acquiring the baler manufacturer Orwak in 2015.
With the acquisition of ATS and Service Link, San Sac Group has 275 employees and a turnover that amounts to 115 M EUR.
www.sansacgroup.com
Orwak:
Orwak is a world leader in compaction and baling solutions and offers an innovative
range of products that promotes sorting at source and make waste management more
profitable. Orwak is headquarter ed in Sweden and is present in approximately 40 countries
through subsidiaries and distributors.
www.orwak.com
ATS:
ATS is a market leader in sales of waste compaction equipment, mainly container compactors and balers.
The company has 20 employees and a turnover of approx. 11.5M EUR. The headoffice is located in Bromma, Sweden.
www.ats-ab.se
Service Link:
Service Link  specializes in service on compacting waste equipment and serves the Swedish market with a dedicated team of 18 technicians.The turnover amounts to approx. 3 M EUR.
http://servicelink.se

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