Catalyst completes refinancing of leading waste business

Catalyst Corporate Finance has advised Netherlands-based Waterland Private Equity Investments (Waterland) on the refinancing of Ballast Phoenix to support its acquisition of the business from H2 Equity Partners in June and its ongoing growth. 

Ballast Phoenix, based in Bourne, Lincolnshire, processes and recycles the ashes and metals produced by Energy from Waste (EfW) plants during the incineration process. It creates sustainable aggregates and recycled metals, thus avoiding any requirement for the use of landfill.

The business has seen significant growth during the last 12 months, having secured a number of new long-term contracts the company will expand the number of recycling and ash processing plants from 8 to 12 in the next 12 months. The business has embarked on the largest capital expenditure programme in its history and secured its position as the market and sustainable technology leader in the UK market.

Waterland has deep expertise in the waste sector. In addition to the acquisition of Ballast Phoenix, it also acquired Dutch firm Inashco in June 2015. Waterland is also the owner of Attero NV, one of the leading EfW and recycling businesses in the Netherlands.

Catalyst led the refinancing process for Waterland, advising on the structuring, selection of the preferred funding partners and negotiation of the terms of the new facilities. Mark Wilson, Partner and Head of Waste & Renewables, and Andrew Shellard, Head of Debt Capital Markets, led the engagement for Catalyst. 

Wilson said, “We are extremely pleased to have supported Waterland and Ballast Phoenix in securing an innovative funding package to support the exciting growth prospects for the business. Ballast Phoenix is the market leader in this part of the EfW industry and, with strong funding partners, is very well placed to execute its ambitious plans.” 

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