REG - 3i Infrastructure - 3i Infrastructure plc to sell its stake in Attero

3i InfrastructureAnnouncement

24/07/2023 07:00

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RNS Number : 8763G  3i Infrastructure PLC  24 July 2023

24 JUly 2023

 

 

3i Infrastructure plc to sell its stake in Attero
 

3i Infrastructure plc ("3i Infrastructure" or the "Company") is pleased to
announce that it intends to sell its c.25% stake in Attero, one of the largest
waste treatment and recycling companies in the Netherlands, to Ardian
Infrastructure. Ardian Infrastructure intends to purchase 100% of Attero from
3i Infrastructure and its co-investors (funds managed by DWS (c.50%), and
other funds managed by 3i Investments plc (c.25%)).

 

Expected net proceeds from the sale are approximately €215 million, a c.31%
uplift from our valuation of €164 million at 31 March 2023. The transaction
is conditional on works council consultation and receiving clearance from the
European Commission under the EU Merger Regulation. Completion is anticipated
in Q4 2023. The sale proceeds will be used to partially repay drawings on the
Company's revolving credit facility.

 

Attero is the leading operator in the Dutch waste treatment and recycling
market. It owns two of the largest and most efficient energy-from-waste
("EfW") plants in Western Europe, anaerobic digestion plants for biomethane
production, composting facilities, mineral recycling and depository locations,
post-separation installations and plastic recycling capacity that recycles up
to 25,000 tonnes a year of used plastic into high quality granulates.

 

Since the Company's investment in 2018, Attero has experienced substantial
growth, including opening a new 120MW turbine in 2018, capable of producing
enough electricity in one hour to power a household for 25 years; opening a
new polymer recycling plant in 2019; and almost doubling its EBITDA.

 

Attero is well positioned to take advantage of a number of growth
opportunities, including carbon capture for its two EfW plants, material
expansion of its anaerobic digestion business to capitalise on significant
biomethane demand growth as the EU looks to materially reduce natural gas
consumption, and deployment of solar farms on its closed landfill sites.

 

Richard Laing, Chair of 3i Infrastructure, commented:

 

"Attero has been a most successful investment for the Company, experiencing
substantial growth during our investment period. Whilst 3i Infrastructure aims
to hold its investments over the longer term, we will sell investments where
this generates significant additional value for our shareholders."

 

Scott Moseley and Bernardo Sottomayor, Managing Partners and Co-Heads of
European Infrastructure, 3i Investments plc, Investment Manager of the
Company, added:

 

"We are proud of Attero's achievements during our period of ownership. Our
engaged asset management approach, in partnership with management and our
co-investors, enabled Attero to almost double EBITDA and develop into an
attractive, large-scale, diversified, circular economy business.

 

Our ability to sell our portfolio companies at a significant uplift to book
value underpins the valuation of our high quality core-plus infrastructure
assets."

 

 

-ENDS-

 

 

 

 

For further information, contact:

 Thomas Fodor            Tel: +44 20 7975 3469

 Investor enquiries      Email: thomas.fodor@3i.com (mailto:thomas.fodor@3i.com)

 Kathryn van der Kroft   Tel: +44 20 7975 3021

 Media enquiries         Email: kathryn.vanderkroft@3i.com (mailto:kathryn.vanderkroft@3i.com)

 

 

Notes to editors:

 

3i Infrastructure plc

 

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment
company, an approved UK Investment Trust, listed on the London Stock Exchange
and regulated by the Jersey Financial Services Commission. The Company's
purpose is to invest responsibly in infrastructure, delivering long-term
sustainable returns to shareholders and having a positive influence on its
portfolio companies and their stakeholders.

 

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised
and regulated in the UK by the Financial Conduct Authority and is the
investment manager of 3i Infrastructure plc.

 

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