Friday, 1 April 2022: Igneo Infrastructure Partners (“Igneo”) has agreed to acquire a 100% interest in New Zealand’s largest resource recovery and waste management services provider, Waste Management NZ Limited (“Waste Management NZ”), from Beijing Capital Group, it announced today.
The deal is Igneo’s first waste management acquisition in New Zealand. Danny Latham, Partner, Head of Australia & New Zealand, said it will allow Igneo to benefit from the sector’s market tailwinds and long-term growth prospects.
“Waste Management NZ is well-placed to benefit from the structural shift towards materials recovery with positive engagement with its customers, strong existing capabilities in recycling and a large national collections fleet,” Mr Latham said.
Gavin Kerr, Head of Transactions for Australia & New Zealand, said that the acquisition also aligns with Igneo’s strong focus on environmental, social and governance (ESG) performance.
“We believe Waste Management NZ is playing an important role in the transition to a circular economy with the progressive electrification of its collection fleet, the breadth of its resource recovery capabilities and the high level of gas capture in its landfills; the source of which is used to generate electricity for over 24,000 homes,” Mr Kerr said.
Waste Management NZ’s collections business operates with over 860 trucks across 70 locations in New Zealand, collecting over 2.1 million municipal bins per month. The post-collections segment comprises a strategic nationwide network of 49 material recovery, transfer stations and technical facilities, handling over 1 million tonnes of residual waste and recycling over 200 thousand tonnes.
Waste Management NZ represents the third standalone investment made by Igneo in New Zealand in recent years, with other investments including First Gas, a natural gas transmission, storage and distribution business; and Tuatahi First Fibre, the second largest fibre-to-the-premises broadband network.
Igneo was jointly advised by Craigs Investment Partners and Royal Bank of Canada on this transaction and Bell Gully acted as legal counsel.
Completion of the transaction is subject to approval by the New Zealand Overseas Investment Office and other customary consents.
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Belinda White, Senior Communications Manager
M: +61 0408 104 246
About Igneo Infrastructure Partners
Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in the utilities and transport sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.
Igneo manages US$14.8 bn worth of assets (as at 31 December 2021) on behalf of more than 120 investors around the world.
For more information, visit igneoip.com
About First Sentier Investors
First Sentier Investors manages US$182.5 billion in assets (as at 31 December 2021) on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide.
The firm operates as a standalone global investment management business with offices across Europe, the Americas, and Asia Pacific. First Sentier Investors’ expertise spans a range of asset classes and specialist investment sectors focused on delivering sustainable investment success based on responsible investment principles.
Formerly known as First State Investments, the firm was acquired by Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc in August 2019.
For more information, visit firstsentierinvestors.com
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
For more information, visit www.mufg.jp/english
About Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation, as a core member of MUFG, provides its customers with a wide range of comprehensive financial solutions leveraging unique and highly professional functions as a leading trust bank. Such financial solutions include real estate, stock transfer agency, asset management and investor services, and inheritance related services, in addition to banking operations. It aims to realize its vision to be the trust bank that creates "a safe and affluent society" by always supporting its customers' and society's challenges based on Trust, and thus created a new key concept: "Create a Better Tomorrow".
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