LONDON, UK: Eleia Limited has agreed to purchase all shares of Augean Plc at the rate of 325 pence/share, valuing the entire issued and to be issued ordinary share capital of Augean at approximately £341.2 million.
Eleia Limited (Bidco), a special purpose vehicle is formed by investment funds managed by Ancala Partners LLP and investment funds managed by Fiera Infrastructure Inc.
Ancala is an independent infrastructure investment manager established in 2010. Ancala’s strategy is to deliver stable risk-adjusted returns by investing in essential, mid-market infrastructure businesses in Europe.
Ancala has identified the waste management sector as one of its key target sectors and has successfully made a number of investments in this sector to date.
Fiera Infrastructure is a leading global mid-market, infrastructure investment manager headquartered in Toronto, Canada. Fiera Infrastructure’s mandate is to take a long-term approach to infrastructure investing across all subsectors of the infrastructure asset class and in selected OECD countries.
Fiera Infrastructure has an existing investment platform and extensive experience in the UK waste management sector, including an investment in Cory Group, one of the UKs leading waste management, recycling and energy recovery companies.
Both members of the Consortium are long term investors in the waste management sector and have spent significant time and resource in conjunction with their industry experts evaluating the hazardous waste management sector and Augean in particular.
The Ancala and Fiera Consortium believes that Augean Plc represents an attractive opportunity to acquire a highly regarded leader in the hazardous waste management sector.
The Consortium recognises the high quality of Augean’s strategically located facilities and breadth of customer relationships. With exposure to attractive end markets and further growth opportunities, the Consortium looks forward to working with the Augean Plc management team and supporting the business through its next stage of growth.
Through their respective experience investing in the UK waste management sector, both members of the Consortium will provide Augean the necessary financial, technical and strategic support to thrive as a private company.
Commenting on the Offer, Jim Meredith, Executive Chairman of Augean, said: “The Augean Board believes that Ancala and Fiera Instructure are well-respected as long-term investors in the infrastructure sector and will be able to support Augean’s strategy of providing the highest level of customer service and safe operations in niche and highly regulated hazardous waste markets. We recognise the increase in the price offered to Augean Shareholders under the Offer when compared with the MSIP Offer and have accordingly recommended the Offer to Augean Shareholders.
As Ancala and Fiera Infrastructure intend to maintain the same strategy and footprint, we also believe that the acquisition is a good outcome for all Augean stakeholders, including our employees, our customers and the wider UK economy.”
Commenting on the Offer, Karen Dolenec, Partner of Ancala, said: “Augean provides essential and responsible hazardous waste management services to key private and governmental infrastructure operators. Ancala has been impressed by the high quality of the team and operations and is excited to support the Company in expanding its role in this critical part of an effective waste management ecosystem.”
Commenting on the Offer, Alina Osorio, President of Fiera Infrastructure, said: “Augean is a leading provider of hazardous waste management services in the UK, offering essential and responsible treatment and disposal solutions for hazardous materials. Fiera Infrastructure is excited to work alongside the management team at Augean to support the company in its next stage of growth.”