UK advisory firm, Quercus Corporate Finance has jointly advised the board of EnviroServ, South Africa’s largest waste management company on the signing of a binding agreement to be acquired by a consortium led by Suez.
The acquisition, which is subject to South African competition authorities’ approval, will enable the Suez led consortium to become a leading waste management player in South Africa.
EnviroServ is headquartered near Johannesburg, with regional facilities across South Africa. It is also active in Mozambique and Uganda. It was founded in 1979, and collects, treats, and disposes of general and hazardous waste, with treatment and disposal facilities across South Africa, Mozambique, and Uganda. It has a staff of 2,200 people and a turnover of nearly £70 million and is the only player in South Africa with full national coverage and a complete service offering. EnviroServ has an extensive customer base across a range of sectors including petrochemicals, manufacturing, metallurgical and mining sectors, as well as serving local authorities.
The acquisition will be made through a special purpose holding company, owned Suez 51%, RBH 24.5% and AIIM’s IDEAS Managed Fund 24.5%.
Mark Whelan, partner at Quercus, commented:
“We have been delighted to work with our co-advisors, Rand Merchant Bank, on this landmark transaction in the South African waste market. EnviroServ is a great company with well managed facilities and will provide the Suez led consortium with a sound entry into the waste market in South Africa and surrounding countries and its extensive experience and knowledge will help EnviroServ to further develop sustainable waste management solutions for its customers.”