Terra Firma reaps £234m in Infinis IPO

Shares were offered at £2.60 each, the bottom of the indicative £2.60-3.10 offer range.

The company offered around 30% of its shares in the flotation, allowing Terra Firma to receive gross proceeds of £234m. The GP still holds onto 69% of the business post-IPO.

Previous funding
Infinis was created when Terra Firma split portfolio company Waste Recycling Group (WRG) into two subsidiaries: waste disposal and renewable energy. Terra Firma bought WRG in 2003 for €836m and followed this investment with the €357m acquisition of the UK landfill business of landfill operator Shanks in the same year.

Terra Firma then merged the two businesses and sold off the waste disposal division for €1.4bn to Fomento de Construcciones y Contratas in 2006. The GP retained the renewable energy division, renaming it Infinis, and brought in a new management team, specifically a new CEO, CFO, commercial director and head of wind development.

In February this year, Infinis announced an offering of £350m in senior notes, due to mature in 2019 and with a 7% coupon. The proceeds from the offering were used to repay the company's outstanding £275m in senior notes, which were due to mature in 2014 and had an interest rate of 9.125%.

Company
Infinis operates 147 power plants comprising 121 landfill gas sites, 16 onshore windfarms and 10 hydro sites. According to the company, it holds a 40% share of the UK market for generators of electricity from landfill gas.

Infinis is headquartered in Northampton and employs 375 staff. The company recorded turnover of £225.9m for the year ending March 2013, as well as an EBITDA of £125.4m.

People
Eric Machiels is the chairman and CEO of Infinis.

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• Topics
• UK / Ireland
• Infrastructure
• Exits
• United Kingdom
• Terra Firma
• IPO