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Waterland secures financing for Ballast Phoenix acquisition

Netherlands-based Waterland Private Equity Investments has secured £42.5m of refinancing to support its acquisition of UK ash recycler Ballast Phoenix.

Lincolnshire-based Ballast Phoenix processes and recycles the ashes and metals produced by energy-from-waste (EfW) plants during the incineration process.

The company has secured a number of long-term contracts in the past 12 months, and is expected to expand the number of ash processing plans from seven to 12 during the course of the coming year.

The acquisition of Ballast Phoenix from H2 Equity Partners is the latest venture for Waterland, which also acquired Dutch firm Inashco in June 2015. Waterland is also the owner of Attero, one of the leading EfW and recycling businesses in the Netherlands.

The new senior debt package of £42.5m was provided by Lloyds Bank, which supplied £25m, and Alberta Investment Management, which provided £17.5m.

Director at Lloyds Bank Commercial Banking Martin Cordey (pictured above right), said: “We have a long-term relationship with Ballast Phoenix and have been impressed by the business’s growth and ambition during the past year.

“We are pleased to again back the management team as it embarks on the next stage of its growth strategy and helps UK businesses meet targets to reduce the amount of waste sent to landfill. EfW is a good alternative energy source, and the business has positioned itself as the UK’s market leader of EfW materials recycling.”

The refinancing deal was led by Catalyst Corporate Finance, which advised Waterland on the structuring and selection of preferred funding partners and negotiations of the terms of the new facilities.

Catalyst partner and head of waste and renewables Mark Wilson (pictured above left) said the company was pleased to have supported the innovative funding package.

“Ballast Phoenix is the market leader in this part of the EfW industry and, with strong funding partners, is very well placed to execute its ambitious plans,” he said.




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