Triton Funds signs a Sale and Purchase Agreement for the acquisition of Befesa from Abengoa
(firmenpresse) - (DGAP-Media / 14.06.2013 / 09:37)
Triton Funds signs a Sale and Purchase Agreement for the acquisition of
Befesa from Abengoa
- Value of EUR 1.075 billion, cash purchase price of EUR 850 million
- European market leader in niche recycling businesses with strong core
activities in Germany
- Potential for future growth in emerging markets such as South Korea,
Turkey, Middle East and Asia
14 June 2013 - Funds advised by Triton are taking over 100 % of Befesa, an
international specialist in steel dust, salt slag and aluminium recycling
and industrial waste disposal, from the Spanish technology group Abengoa.
The value including debt taken over by Triton is EUR 1.075 billion, the
cash purchase price is EUR 850 million. The transaction includes, inter
alia, a convertible instrument of EUR 225 million which will convert into
the economic equivalent of 14.1% of common equity on exit or other certain
events. The completion of the transaction is subject to customary
regulatory approvals and expected during mid July.
'We are pleased to have reached a successful conclusion to the negotiations
with Abengoa. As a recycling specialist Befesa has an outstanding position
in the European market and great potential to take advantage of
international growth opportunities. We look forward to working together
with the management team and employees in further expanding the business',
said Peder Prahl, Director of the General Partner of Triton Funds.
Befesa specialises in recycling steel dust from the steel and galvanizing
industry and recycling salt slags from the aluminium industry. Befesa is
also a leading aluminum recycler in Europe. Befesa's business consists of
the activities of the former German company, B.U.S. Berzelius Umwelt AG,
whose operations have continued under Befesa's ownership at various
locations in Germany. With a market share of over 50 % in the recycling of
steel dust and over 60 % in the processing of salt slags from aluminium
production, Befesa is the European market leader.
In Spain, Portugal and Latin America, Befesa also operates an Industrial
Waste Management business, including cleaning and sulphur valorisation.
'We see considerable growth potential for Befesa, particularly in South
Korea, Turkey, the Middle East and Asia where industrial manufacturing is
gaining in importance. This potential is also brought to light by the
increasing regulatory demands on environmental management and recycling in
these markets,' said Peder Prahl.
Javier Molina, Chairman of Befesa, said: 'The company is set for further
international growth and I am convinced that Triton is the ideal partner to
support us in this important step. With its industry track-record and
experience in supporting corporate development, Triton will enable us to
continue growing and create value.'
About Triton
The Triton funds invest in and support the positive development of
medium-sized businesses headquartered in Northern Europe - with a focus on
Germany, Switzerland, Austria and the four Nordic countries: Denmark,
Finland, Norway and Sweden. Within this European region, Triton focuses on
businesses in the Industrial, Business Services, and Consumer / Health
sectors.
Founded in 1997, Triton seeks to pro-actively contribute to the building of
better businesses for the longer term. Triton and its executives wish to be
agents of positive change towards sustainable operational improvements and
growth.
The Triton funds are advised by dedicated teams of investment professionals
based in Jersey, London, Germany, Luxemburg, China and Sweden.
For further information: www.triton-partners.com
About Befesa
Befesa is an international company that specializes in the integral
management of industrial waste, with plants in Germany, Spain, United
Kingdom, France, Sweden, Turkey and South Korea, as well as Chile,
Argentina and Peru. Thanks to the dedication of its more than 2,000
professionals, Befesa is a leader in the steel dust and salt slags
recycling sectors in Europe.
Triton press contact
GERMANY
CNC Communications&Network Consulting
Max Hohenberg +49 89 599 458 132
UK
Brunswick Group
Gill Ackers/Joe Shipley +44 20 7404 5959
SWEDEN
Brunswick Group
Annette Brodin Rampe/Peter Lindell +46 8 410 32 180
End of Media Release
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