Abris Capital Partners announces the sale of Novago, one of its portfolio companies acquired in 2013, to China Everbright International. The transaction is conditional upon the issuance of merger clearance by the Polish Office of Competition and Consumer Protection.
NOVAGO is a leader in waste processing and the largest producer of alternative fuel in Poland. It has built six technologically-advanced production sites in four provinces with 890,000 tonnes of waste treated in 2015.
Everbright will acquire 100% of Abris’ interest in Novago. The transaction represents the largest single Chinese investment made in Poland to date, and the largest acquisition in the environmental treatment industry in Central & Eastern Europe. It is in line with the “One Belt One Road” initiative, under which China has agreed to strengthen cooperation with Poland in environment and renewable energy fields after President Xi Jinping’s recent visit to Poland.
Wojciech Jezierski, Investment Director at Abris, commented: "Novago has been a prime example of the type of initiatives we pursue with our portfolio companies, and I am proud of the shareholders' value that we have created over the last 3 years of consistent development of this asset. In CEI, we found the best possible partner for Novago in terms of commitment towards a sustainable future, in addition to having the financial resources necessary to exploit the enormous development potential of the company. Our mission in Novago has come to an end and I wish the new owners and the management team of Novago further success. I believe the company has an exciting and prosperous future."