Private equity owned EnviroWaste has been sold to Hing Kong listed infrastructure fund CKI Infrastructure in a deal worth $NZ501 million, which represents an earnings multiple of 10 times EBITA.
Earlier this year Leighton Holdings sold Thiess Waste Management to Remondis for $218 million equating to a multiple of 5.9 times.
Another recent waste transaction was the state owned WSN Environmental Solutions which was sold to SITA in 2010 for $235 million or a multiple of 7 times EBITA.
All of these transactions are a long way from what Transpacific (TPI) paid for the trans-tasman waste group Cleanaway – 114 times.
EnviroWaste owns and operates NZ largest landfill at Hampton Downs.