M&A Deal Summary

KKR and Equitix Investment Management Acquire Viridor

On March 18, 2020, private equity firm KKR and infrastructure investor Equitix Investment Management acquired environmental company Viridor from Pennon Group for 4.2B GBP

Acquisition Highlights
  • This is KKR’s 8th and Equitix Investment Management’s 1st transaction in the Environmental sector.
  • This is KKR’s 16th and Equitix Investment Management’s largest (disclosed) transaction.
  • This is KKR’s 17th and Equitix Investment Management’s 4th transaction in the United Kingdom.

M&A Deal Summary
Date 2020-03-18
Target Viridor
Sector Environmental
Buyer(s) KKR
Equitix Investment Management
Sellers(s) Pennon Group
Deal Type Divestiture
Deal Value 4.2B GBP

Target

Viridor

Somerset, United Kingdom
website
Viridor is a UK waste processing and recycling company, operating 10 Energy-from-Waste (“EfW”) plants as well as Recycling facilities, a Collections business, and Landfills. Viridor was founded in 1956 and is based in Somerset, United Kingdom.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 325 of 428
Sector (Environmental) 8 of 14
Type (Divestiture) 36 of 49
Country (United Kingdom) 17 of 23
Year (2020) 4 of 38
Size (of disclosed) 16 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-03 AlphaTheta

Yokohama, Japan

AlphaTheta develops, manufactures, and sells equipment for DJs, including DJ players, mixers, controllers, headphones, and speakers. AlphaTheta was founded in 2014 and is based in Yokohama, Japan.

Sell $324M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-02 Kilter Finance

London, United Kingdom

Kilter Finance is a specialty finance company that provides flexible and innovative financing solutions to the financial services sector on a global basis. Kilter Finance was formed in 2019 and is based in London, United Kingdom.

Buy -
Buyer

Equitix Investment Management

Investor Investor Investor Investor Investor

website

Category Infrastructure
Founded 2007
PE ASSETS 11.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Equitix Investment Management Ltd. is a global investor, developer, and long-term fund manager of core infrastructure assets. Equitix was founded in 2007 and is headquartered in London, United Kingdom.

DEAL STATS #
Overall 4 of 7
Sector (Environmental) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 4 of 5
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-29 Firmus Energy

Antrim, United Kingdom

Firmus Energy is an energy supplier licenses for the development of a natural gas network outside greater Belfast. Firmus Energy was founded in 2005 and is based in Antrim, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-26 Freedom Fibre

Irlam, United Kingdom

Freedom Fibre provides gigabit-capable broadband that offers the freedom to work, game, stream, browse, and chat all at once, at lightning-fast speeds. So, we’re connecting homes and businesses in the cities and in the sticks creating an affordable, optical fibre network that will last for generations. Freedom Fibre was founded in 2020 and is based in Irlam, United kingdom.

Buy -

Seller(S) 1

SELLER

Pennon Group

Exeter, United Kingdom

website

Category Company
Founded 1989
Sector Utilities
Employees3,000
Revenue 792M GBP (2022)
DESCRIPTION

Pennon Group is an environmental utility infrastructure company at the top end of the FTSE 250 which owns South West Water Limited and Viridor Limited. Pennon Group was founded in 1989 and is based in Exeter, the United Kingdom.

DEAL STATS #
Overall 1 of 1
Sector (Environmental) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-16 Sembcorp Bournemouth Water Investment

United Kingdom

Sembcorp Bournemouth Water Investment Ltd. is a water company supplying drinking water to a population of approximately 440,000 people.

Buy £100M
Mergr

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