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Poland’s leading waste-to-energy group
Anticipating market pressures to improve municipal waste recycling, Abris financed Novago’s transformation into a fully integrated waste management player
| COUNTRY |
Poland |
RETURN | 3.8x |
| GP | Abris Capital Partners | GROWTH | 4x processed waste volume |
| INVESTMENT | EUR 20 million | ||
| SECTOR | Waste management | INVESTMENT TYPE | Buyout and Growth |
| INVESTMENT | March 2013 | FUND OWNERSHIP | 60% |
| EXIT | August 2016 | EXIT ROUTE | Trade sale |
Investment rationale
Although Novago was a local waste management company focused on municipal waste collection and landfilling, Abris recognized its greater potential having already completed a detailed evaluation of the Polish waste management industry. The company owned a substantial land bank officially approved for waste treatment and had proprietary technologies enabling advanced waste recovery in accordance with industry best practices, making it an attractive target.
Deal history and structure
In-depth knowledge of industry drivers and challenges allowed Abris to quickly build a constructive dialogue with Novago’s entrepreneur-owner and secure early exclusivity during a highly competitive auction process. Abris achieved a very attractive price at entry, investing EUR 20 million for a 60% stake, with the founder retaining 40%.
In this section
Private Equity in CEE: Creating Value and Continued Growth
Invest Europe
The report offers an in-depth study of private equity’s role in innovation and economic development across Central and Eastern Europe through detailed case studies of companies backed by private equity investors during 2015-2019.