Opportunity Partners shops Beelen.nl in Rothschild-led sale

Information memoranda will circulate imminently, one of the sources said. Opportunity Partners is working off around EUR 20m in EBITDA for the company, the three sources and a sector banker following the situation said.

Opportunity Partners has held a majority interest in Beelen.nl since 2020, when founder Wim Beelen exited for an undisclosed sum. Management maintains a minority stake and prefers to stay on under a new shareholder, one of the sources said.

Opportunity Partners and Beelen.nl declined to comment. Rothschild did not respond to requests for comment.

Beelen.nl demolishes structures for corporate and government customers and collects resulting waste streams – including glass, swill and paper – for recycling and reuse.

The company's selling points include its large portfolio of permits, one of the sources said. In addition, Beelen.nl's business-to-business focus shields it from the volatile consumer waste sector, he said. Furthermore, Beelen.nl stands to benefit from legislation mandating the reuse of waste from demolition sites, he said.

While Russia's invasion of Ukraine could generate some long-term uncertainty, short-term fluctuations in raw material prices could boost Beelen.nl's revenue from recycling, the same source said. Beelen.nl has seen no impact from COVID-19, he said.

A new shareholder could choose to roll out Beelen.nl throughout Western Europe, the same source said. Industry fragmentation provides ample scope for buy and build, he said.

Beelen.nl makes a natural trade sale candidate, all three sources, the banker and a second banker familiar with the company said. In addition, Beelen.nl is well-placed for a buyout, one of the sources said. Its recycling expertise should square with the ESG criteria of "impact investors," he said.

Stumbling points to a buyout include Beelen.nl's high capex, the two other sources and one of the bankers said. Furthermore, Beelen.nl's project-driven status jars with sponsors' usual preference for steady income streams, the other banker said.

The first source, however, downplayed concerns over Beelen.nl's capex. While Beelen.nl has a large asset vase, its capex is "not unusually high by industry standards," he said.

Beelen.nl announced Tuesday, 3 May, that it will be rebranded to Bnext.nl in coming months.

It is headquartered in Harderwijk, Gelderland province, and names construction company Ballast Nedam [AMS: BALNE], Borghese Real Estate and convention centre operator Amsterdam RAI among its clients.

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