Waterland sells Attero to 3i Infrastructure

Francesca Veronesi
03 April 2018

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Dutch GP Waterland Private Equity has sold its minority stake in Dutch waste management company Attero to British GP 3i's infrastructure division and German asset manager DWS.

3i Infrastructure will invest €201m to acquire a 50% stake in Attero. It will invest alongside DWS's infrastructure investment business (formerly Deutsche Asset Management).

The British GP disclosed that it approached Waterland in 2017 and the transaction was conducted on a bilateral basis.

Attero was originally owned by Dutch public shareholders from six provinces and 116 municipalities. In May 2014 it was sold to Dutch GP Waterland for around €170m, according to the Dutch publication Het Financieele Dagblad.

The Dutch publication added that several Chinese companies approached Waterland in 2016 to acquire Attero, however new strict directives from the Chinese government forced the deal to be abandoned.

Company
Founded in 1929 and headquartered in Wilp, Attero is the largest waste treatment and disposal company in the Netherlands, managing waste processes such as incineration, composting, recycling and landfill. It treats approximately 3.5 million tonnes of waste per year in two energy from waste (EFW) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and 10 landfills.

The EFW business accounts for approximately 80% of revenues, of which a quarter relates to selling electricity and heat. Attero sources its waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as a number of UK and Irish exporters. The company has a workforce of 800 employees. Press reports estimate Attero to have generated a turnover of €329m in 2017.

People
Waterland - Hans Scheepers (managing partner).
3i Infrastructure - Richard Laing (chair).
DWS - Hamish Mackenzie (head of infrastructure).

Advisers
Vendor - De Brauw Blackstone Westbroek (legal), Morgan Stanley, KPMG, BCG (commercial due diligence).
Equity - Houlihan Lokey (M&A), Allen & Overy (legal).