Abris sells Novago to Chinese industrial investor for PLN 550m

The transaction's EV was €123m, consisting of €118m of equity and €5m of debt in the form of land banking. The deal sees Abris relinquish its majority stake in Novago three years after it first invested in the company.

An Abris spokesperson told unquote" the GP had actively solicited interest from Asian investors early in the exit process. Abris also said the sales process had generated interest from both domestic and international strategic buyers, as well as financial investors.

According to Abris, CEI's investment is the largest single Chinese investment ever made in Poland. At around €123m, it is the fifth largest buyout in CEE this year and the second largest Polish buyout of 2016, after Bridgepoint's €247m January acquisition of toy retailer Smyk.

Previous funding
In early 2013, Abris Capital acquired a majority stake in Novago from Polish investor Janusz Arent.

Company
Headquartered in Mława, Novago is a waste management and waste-to-energy group.

Founded in 1992 as Zakład Usług Komunalnych USKOM, the company currently operates five waste treatment and energy recovery plants across Poland.

The company generated revenues of around PLN 135m in 2015.

People
Abris Capital Partners – Wojciech Jezierski (investment director).

Advisers
Vendor – Pekao Investment Banking (M&A); Norton Rose Fullbright (legal); Deloitte (commercial & financial due diligence, tax); Rambøll Environ (environmental due diligence).
Equity – Lazard (corporate finance); CMS (legal); Boston Consulting Group (commercial due diligence); KPMG (financial due diligence, tax).

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