Fulton Hogan reviews EnviroWaste Services Ltd

Fulton Hogan reviews EnviroWaste Services Ltd

Fulton Hogan is undertaking a strategic review of its investment in its wholly owned subsidiary EnviroWaste Services Limited. To assist in its considerations Fulton Hogan has appointed Goldman Sachs JBWere as financial adviser to the company.

Dave Faulkner, managing director of Fulton Hogan, said there is considerable interest in the waste sector and a growing appreciation of the value of businesses with strong earnings and growth potential, evidenced by the recent amalgamation of Waste Management with Transpacific Industries in New Zealand and the purchase of Cleanaway by private equity investor KKR in Australia.

“Fulton Hogan believes it is timely to undertake this strategic review. However, we remain comfortable with our ownership of EnviroWaste, and will not make any decisions regarding this investment ahead of the completion of the strategic review, which is expected to be by the end of the year,” he said.

EnviroWaste has grown substantially in the last three years to become clearly the second largest player in the solid waste industry in New Zealand and it is well positioned to continue to grow across all its businesses.

“While we work through this process, it will be business as usual in terms of EnviroWaste's commitment to its customers and employees,” Dave Faulkner said.

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