Triton Funds signs a Sale and Purchase Agreement for the acquisition of Befesa from Abengoa
- Value of EUR 1.075 billion, cash purchase price of EUR 850 million
- European market leader in niche recycling businesses with strong core activities in Germany
- Potential for future growth in emerging markets such as South Korea, Turkey, Middle East and Asia
14 June 2013
'We are pleased to have reached a successful conclusion to the negotiations with Abengoa. As a recycling specialist Befesa has an outstanding position in the European market and great potential to take advantage of international growth opportunities. We look forward to working together with the management team and employees in further expanding the business', said Peder Prahl, Director of the General Partner of Triton Funds.
Befesa specialises in recycling steel dust from the steel and galvanizing industry and recycling salt slags from the aluminium industry. Befesa is also a leading aluminum recycler in Europe. Befesa's business consists of the activities of the former German company, B.U.S. Berzelius Umwelt AG, whose operations have continued under Befesa's ownership at various locations in Germany. With a market share of over 50 % in the recycling of steel dust and over 60 % in the processing of salt slags from aluminium production, Befesa is the European market leader.
In Spain, Portugal and Latin America, Befesa also operates an Industrial Waste Management business, including cleaning and sulphur valorisation.
'We see considerable growth potential for Befesa, particularly in South Korea, Turkey, the Middle East and Asia where industrial manufacturing is gaining in importance. This potential is also brought to light by the increasing regulatory demands on environmental management and recycling in these markets,' said Peder Prahl.
Javier Molina, Chairman of Befesa, said: 'The company is set for further international growth and I am convinced that Triton is the ideal partner to support us in this important step. With its industry track-record and experience in supporting corporate development, Triton will enable us to continue growing and create value.'