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Cory sale agreed

2000 cory riverside

Cory Riverside Energy (CRE) has been sold by its current owner to a consortium of long-term infrastructure investors.

The consortium of Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers has agreed to acquire 100% of CRE from owner Strategic Value Partners and its affiliates (SVPGlobal), EQT Credit, Commerzbank and other shareholders.

Alistair Ray, Dalmore chief investment officer, said on behalf of the consortium: “CRE represents a unique opportunity to invest in a critical part of London’s waste infrastructure and we are very pleased with the outcome of the transaction. As a long-term infrastructure investor, Dalmore Capital and the consortium see the value of the business and look forward to continuing to invest in the growth of CRE operations.”

SVPGlobal, the majority owner, first invested in Cory in 2014. It led the company’s financial restructuring in 2015, with the support of EQT Credit and other shareholders. This included the recruitment of a new board and high-performing management team.

As part of the company’s transformation, Cory sold its non-core businesses in waste collection and landfill & gas to refocus on its core energy recovery facility. Its shareholders supported Cory, enabling reinvestment in operations and growth.

Victor Khosla, founder and chief investment officer of SVPGlobal, said: “When SVPGlobal first invested in Cory, we saw the opportunity strategically to reposition and operationally transform a company with a strong heritage and substantial untapped potential. It has been a pleasure working with management to grow Cory and secure the company’s position as a key part of London’s infrastructure.”

According to Cory, capital investment in 2018 is set to be double that of 2015/16 with new developments and operational measures which have led to the company increasing its capacity by more than 10%.

Cory said in a statement that it “now has a significant platform for growth which includes the development of Riverside Energy Park, a second energy recovery facility addressing the waste treatment capacity gap in south-east England”.

Nicholas Pollard, chief executive of CRE, added: “In recent years Cory has been successfully refocused, winning and extending customer contracts which position us well for the future.

”Today’s announcement is another important milestone in the long history of Cory, and we look forward to working closely with our new shareholders to build out the exciting growth opportunities that lie ahead, serving London through our proposed Riverside Energy Park and data centre developments.”

Cory processes around 750,000 tonnes of the capital’s non-recyclable waste and generates 528GWh of renewable energy, powering the equivalent of 160,000 homes. It works directly with seven London boroughs and holds a number of significant commercial and industrial contracts.

 

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