Rotterdam, March 2nd 2006
A consortium led by Kohlberg Kravis
Roberts & Co. (KKR) and CVC Capital Partners
(CVC) today announces that the transfer of 100%
of the share capital in AVR for a total enterprise
value of €1.4 billion from the Municipality
of Rotterdam has taken place. The Rijnmond municipalities,
part of AVR’s main subsidiary, AVR Rijnmond,
have also decided to be fully acquired by the
consortium giving AVR a greater national presence.
CEO Den Ouden will remain as CEO and the group
will continue to be based in Rotterdam. Other
investors in the consortium included Oranje-Nassau
Groep B.V. (ONG).
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.
Den Ouden, Chief Executive of AVR, said:
“We are delighted to have KKR and CVC as
our new partners and are looking forward to
working together to develop and expand AVR’s
business.”
Hugo van Berckel from CVC said:
"AVR is a successful company with clear
potential to develop its leading position within
the industry. CVC has the intention to expand
AVR, both organically and by means of acquisitions
and will actively support it in its endeavours."
KKR Partner Reinhard Gorenflos commented:
“AVR has a very talented management group
in place and with them, KKR is committed to
building the company’s future as a leading European
waste service group. We intend to develop AVR’s
waste-to-energy, environmental services, and
industrial services business units and grow
the business in Benelux as well as neighbouring
countries.”
Wim van Sluis, alderman of the Municipality
of Rotterdam stated:
“This is a profitable deal for all the partners
involved. The buyer now owns a market leader
and AVR now has the opportunity to have an international
standing. Furthermore, the city of Rotterdam
will benefit from the revenues of the sale,
as well as from the favourable tariffs for the
processing of domestic waste for the coming
25 years".
For further information please contact:
AVR: Erik Schouten, +31 6 204 084 59
KKR: Zoe Watt, +44 (0) 20 7251 3801
CVC: James Olley, +44 (0) 20 7404 5959
ONG: Dirk-Jan Van Ommeren, +31 (0) 20 56 77
111
Municipality of Rotterdam: Dirk-Jan de Vink
+31 6 53328231
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 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,
one of Europe’s largest private equity funds
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 62 investment professionals
led by 16 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 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
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