H2 Equity buys Ballast Phoenix for €38m

Ellie Pullen
16 June 2014

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H2 Equity Partners has acquired Ballast Phoenix, the UK incinerator bottom ash (IBA) recycling division of Dutch construction and engineering company Ballast Nedam, for a total of €38m.

The transaction price includes an earn-out of €3.5m. H2 is acquiring Ballast Phoenix from Ballast Nedam's Recycling Maatschappij Feniks (Feniks Recycling) subsidiary.

The transaction includes H2's purchase of Ballast Phoenix co-founder and chairman David York's stake of 7.5% in the business. The sale will yield a book profit for Ballast Nedam of €22m.

H2 plans on expanding Ballast Phoenix's network across the UK by significantly increasing the number of recycling facilities that it operates over the next few years.

The company will also look towards developing new sustainable technologies for the IBA recycling market.

Company
Founded in 1998 and headquartered in Bourne, Lincolnshire, Ballast Phoenix is a specialist in the recycling of IBA for the production of IBA aggregates (IBAA).

The company processes and recycles the IBA produced by energy from waste plants to create sustainable IBAA, which can be used for the production of concrete, cement and bulk fill.

The division employs 82 full-time staff.

People
Jos Van Beurden is the director of Ballast Phoenix.