A consortium comprising Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers has agreed to acquire 100 percent of Cory Riverside Energy from Strategic Value Partners and its affiliates (SVPGlobal), EQT Credit, Commerzbank, and other shareholders.
Majority owner SVPGlobal first invested in Cory in 2014 and led the company’s financial restructuring in 2015, with the support of EQT Credit and other shareholders. Through the recruitment of a new board and high-performing management team, Cory has been transformed into the leading U.K. energy-from-waste company with exciting growth prospects.
As part of the transformation, Cory sold its noncore businesses in waste collection and landfill & gas to refocus on its core energy recovery facility. The shareholders actively supported Cory, enabling reinvestment in operations and growth. The capital investment in 2018 is set to be double that of 2015–2016 with new developments and operational measures that have led to the company increasing its capacity by over 10 percent.
Cory now has a significant platform for growth, which includes the development of Riverside Energy Park, a second energy recovery facility addressing the waste treatment capacity gap in southeast England.
Today, the Consortium is purchasing a company that is core to London’s infrastructure and well positioned for future growth. The business processes around 750,000 tonnes of the capital’s non-recyclable waste and generates 528GWh of renewable energy, powering the equivalent of 160,000 homes.
