PE in CEE - Novago
Country: Poland
Poland’s leading waste-to-energy group
COUNTRY | Poland | RETURN | 3.8x |
GP | Abris Capital Partners | GROWTH | 4x processed waste volume |
INVESTMENT | EUR 20 million |
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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%.
