Exponent reaps more than 3x on Enva exit to I Squared Capital

The sponsor formed the company in 2017 after acquiring the environmental division of DCC Plc, via the GBP 1bn 2015 vintage Exponent Private Equity Partners III.

It has sold the company for over GBP 600m, with an initial entry enterprise value of GBP 215m, according to a source familiar with the situation. The transaction is expected to close in Q2.

The vendor said it had helped the company grow organically and through acquisitions with 10 bolt-ons over its ownership, including Rilta in 2018. A key driver was the development of a sustainability proposition, with significant investment in new waste recovery solutions, said Exponent.

Between 2017 and 2023 the company delivered an EBITDA CAGR of 12%, added Exponent.

Exponent Private Equity III still holds a handful of assets, including sightseeing bus tour group Big Bus Tours, psychometric talent assessment provider SHL, and attraction pass company Go Tour, all based in the UK.

The sponsor has been deploying its fourth fund having registered the vehicle in 2017 but is yet to disclose a first or final close.

Company
Enva is a recycling and resource recovery business with over 1,600 employees across its 34 operational facilities in the UK and Ireland. It provides a range of services to customers in the industrial, commercial, construction and public sectors, with a particular focus on managing hazardous and specialist waste.

Advisors
Exponent - Rothschild & Co (M&A), Allen & Overy (legal), KPMG (due diligence) and OC&C (ESG).

People
Exponent - James Gunton (partner), Tim Easingwood (partner).
Enva - Tom Walsh (CEO), Niall Wall (executive chairman).

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