Montagu Private Equity has sold waste management company Cory Environmental Holdings to a consortium led by ABN AMRO Infrastructure Capital for £588m. The sale through acquisition vehicle Viking Consortium Holdings Ltd enables Montagu to exit following under two years of ownership. Montagu acquired the business from Exel in 2005 in a £200m management buyout. Since then Cory has grown substantially - at the time of the acquisition, it operated 9 landfill sites. One new site in Kent has since been opened, with a further site in the South West due to become operational this year. Over the last two years Cory has expanded its available landfill capacity by 50%, grown revenues from £130m to over £180m.
GP also announced the refinancing of online gardening retailer YouGardem, scoring a 60% cost return
CDP Venture and Tim Ventures take part in the round, alongside Club Digital and Club Italia Investimenti 2
Deal is the second from Bid Equity II, which held a close in November 2019 and targets B2B software
Early-stage investor Italian Angels for Growth and Swiss holding company Brahma also take part in the round