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Rotterdam, 11 January 2006
CVC Capital Partners, KKR and Oranje-Nassau
to acquire AVR
A consortium consisting of funds advised by
CVC Capital Partners (CVC), Kohlberg Kravis
Roberts & Co. (KKR) and Oranje-Nassau Groep
B.V. (ONG) has reached an agreement to acquire
all of the outstanding share capital owned by
the Municipality of Rotterdam in AVR for a total
enterprise value of €1.4 billion. The transaction
is subject to approval by the mayor and aldermen
of the Municipality of Rotterdam, regulatory
approval, and the works council’s consent
procedure.
AVR is the largest waste management company
in the Netherlands with an annual total turnover
of more than €500 million, over 4 million
tons of processed waste and approximately 2,100
employees. AVR also holds leading positions
in domestic collection, recycling and separation
of waste.
CEO Den Ouden commented: “AVR has
over the past years become a financially strong
and successful company. We have now attracted
a group of leading private equity firms as shareholders,
enabling the company to fulfil its growth ambitions.
The new shareholders not only bring relevant
knowledge, but also a strong international relationship
network to AVR.”
Hugo van Berckel from CVC said: “AVR
is an outstanding company with the clear ability
to extend its leading position in the waste
management industry. CVC intends to actively
support the company's further growth, both organically
and through acquisitions.”
KKR Partner Reinhard Gorenflos commented: “AVR
has a very talented management group, and a
highly skilled employee base. As a new owner,
KKR share the management team’s commitment
to building the company’s future as a
leading European waste service group.”
The group will continue to be based in Rotterdam.
The consortium intends to further develop AVR’s
waste-to-energy, environmental services, and
industrial services business units and plans
to grow AVR in the Benelux and in neighbouring
countries. The transaction is expected to close
in early March.
About CVC:
CVC Capital Partners is an independent private
equity group, which advises funds of over €16.8
billion in Europe and Asia. CVC, the European
group, recently closed the €6.0 billion
(US$7.2 billion) CVC European Equity Partners
IV fund, Europe’s largest private equity
fund to date. CVC European Equity Partners IV
fund seeks to invest in a diverse range of companies
across Europe, with CVC continuing its focus
on long-term investments, working in partnership
with management. Since 1996, CVC has been the
most active private equity firm in Europe, with
CVC funds investing some US$7 billion in buyout
transactions.
CVC operates an integrated European network
of 12 offices. CVC's European operations have
an experienced team of 53 investment professionals
led by 17 partners who are responsible for evaluating
investments, providing strategic input to portfolio
companies and maintaining a regular dialogue
with investors.
More information
about CVC is available at: www.cvc.com
About KKR:
Kohlberg Kravis Roberts & Co. is one of
the world's largest and most experienced private
equity firms specialising in management buyouts.
Founded in 1976, it has offices in New York,
Menlo Park, London, Paris and Hong Kong. Over
the past twenty-nine years, KKR has invested
in more than 130 transactions with a total value
of over US$162 billion. KKR made its first investment
in Europe in 1996, and in aggregate has invested
US$5.1 billion of equity in 18 European companies
through a wide range of transactions. These
include the largest leveraged buyouts to date
in the Netherlands and France, eight investments
in Germany, and ten European transactions with
a value of over US$1 billion. KKR's European
investments include Vendex, SBS Broadcasting,
Newsquest, Willis Group, Wincor Nixdorf, Legrand,
FL Selenia, ATU and MTU, among others. AVR is
KKR’s third acquisition in the Netherlands.
More information
about KKR is available at: www.kkr.com
About ONG:
Oranje-Nassau Groep B.V. is a Dutch investment
firm, wholly owned by the French investment
group WENDEL Investissement, with a market capitalisation
of €4.7 billion. Besides its private equity
activities, ONG also invests in and manages
upstream energy and real estate assets.
More
information about ONG is available at: www.oranje-nassau.com
More information
about AVR is available at: www.avr.nl
For further information please contact:
AVR: Erik Schouten, +31 6 204 084 59
CVC: James Olley, +44 (0) 20 7404 5959
KKR: Zoe Watt, +44 (0) 20 7251 3801
ONG: Dirk-Jan Van Ommeren, +31 (0) 20 56 77
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2006
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