|Investment Date||April 2007|
|Original Deal Size||NZ$259m|
|Realisation Date||January 2013|
|Realisation Deal Size||NZ$500m|
EnviroWaste is New Zealand’s second largest waste services business and is represented in most of the country’s major cities. The business offers landfill, transfer station and collections services to both its commercial and municipal council customers.
Major attractions of the opportunity were:
- Operating in a high growth market, with the New Zealand solid waste collections and disposals market expected to grow at between 8-10% p.a.
- Strategic market position, as the second largest player in the New Zealand waste market, with ownership of key strategic assets such as the Hampton Downs landfill.
- The New Zealand waste disposal market (transfer stations and landfills) has very high barriers to entry.
- Significant organic and acquisition growth opportunities.
- Good range of exit opportunities for an asset of this nature.
Ironbridge Value Added
The value added by Ironbridge has been as follows:
- Built an outstanding operational management team.
- Led the roll up strategy with 17 bolt-on acquisitions completed since the original investment. These acquisitions have increased the range of services, geographical coverage and operational efficiencies.
- Identified national account sales as an area of opportunity for the company and encouraged the build out of the national sales resource.
- Instigated the roll out of a new MIS which has focused on establishing standard operational KPIs at a branch level. This information has been used to drive improved performance.
- Restructured the back office functions and centralising all key HO functions such as IT development and credit control in Auckland. This has been accompanied by a major upgrade of systems and processes.
- Support for the formation of the highly successful Municipal Contracting Division which has subsequently won the two largest municipal contracts in New Zealand in 2010.