GRL Announces Successful Completion of Sale Process

07-May-2014 Global Renewables (GRL), an innovative leader in the Australian waste recovery sector, today announced the successful completion of a sale process for the business. As a result of the process, leading Australian mid-market private equity group Ironbridge has successfully sold its investment in GRL, which will now be owned by funds managed by specialist, independent infrastructure manager, Palisade Investment Partners. The terms of the transaction remain confidential. 

David Singh, founding shareholder and CEO since 2008, commented: “I am delighted to welcome Palisade as a long-term investor in GRL.  The business has grown and developed with the support of Ironbridge since 2010, enabling GRL to implement a number of strategic initiatives to deliver consistent operational enhancement, improved financial performance and record levels of waste diverted from landfill.  The relationship with Ironbridge has been very successful and we now  look forward to working with Palisade to grow the business to the next stage of its development by leveraging GRL’s culture of continual process refinement and improvement.”

Ironbridge Joint Chief Executive and Founding Partner, Neil Broekhuizen said that Ironbridge was very happy with its investment in GRL.  “We have supported David and his management team across several capital investments which have increased plant capacity and materially increased profitability since 2010.  We are confident that we are delivering a robust business to the next owners and pleased that we have delivered strong returns for our investors.  We wish David and Palisade continued success.”

Palisade Director Roger Lloyd commented, “With a strong cashflow profile and quality management team, GRL is a great addition to our expanding infrastructure portfolio.  We are excited by the opportunity of working closely with David and his team in growing the business and developing further opportunities in the waste sector.”
 
Fort Street Advisers acted as financial adviser to the Board of GRL on the transaction. 

Grant Samuel acted as financial adviser to Palisade Investment Partners.
 
For further information please contact:

Justin Kirkwood
Kirkwoods Corporate Relations
02 9231 5600 / 0411 251 324
Justin@kirkwoods.com.au

About Palisade Investment Partners 

Palisade is an independent Australian infrastructure manager that provides dedicated and professional asset management services to the wholesale superannuation market and other institutional investors.  Palisade’s investment philosophy is to acquire quality Australian infrastructure assets and hold them for the long term.  Palisade currently manages approximately $1 billion in Australian infrastructure equity investments across a portfolio of 15 assets.