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Australian private equity company Ironbridge Capital said today it is buying EnviroWaste, New Zealand's second-largest rubbish collection and disposal company.
No price was disclosed, but the company was valued between $250 million and $400m, media reported last month. EnviroWaste was put up for sale by road building, engineering and construction group Fulton Hogan.
"We were attracted to the company's portfolio of newly developed regional landfill assets and strong cash flow profile," said Kerry McIntosh of Ironbridge Capital.
"We also believe that EnviroWaste has excellent growth opportunities especially in the collections businesses and in working in partnership with local councils to develop advanced waste solutions."
The purchase was the second investment by Ironbridge Fund II, which recently closed with A$1.05 billion ($1.22 billion) of commitments.
In March, Australia's Transpacific Industries bought market leader, Waste Management, for $870m.
- NZPA
