Enva announces agreement to be acquired by I Squared Capital from Exponent

Enva, a leading provider of recycling and resource recovery solutions, today announced that it has reached an agreement to be acquired by I Squared Capital, an independent global infrastructure manager, from private equity firm Exponent.

Enva has over 1,600 employees across its 34 operational facilities in the UK and Ireland. It provides a range of services to customers in the industrial, commercial, construction and public sectors, with a particular focus on managing hazardous and specialist waste materials. Sustainability sits at the heart of Enva’s proposition as it leads on the development of a range of low CO2 waste-derived materials as alternatives to traditional, extractive virgin materials. 

Enva was created in 2017 through the acquisition of the Environmental Division of DCC Plc, the Ireland based FTSE 100 company. The business is led by CEO Tom Walsh and Executive Chair Niall Wall, a highly experienced industrial executive who held leadership roles at Ardagh Group and Sterile Technologies Group. 

The acquisition by I Squared Capital supports the firm’s environmental infrastructure strategy, which aims to build a diverse portfolio of waste processing and recycling, industrial waste-to-energy, and wastewater treatment assets in the Americas, Europe, and Asia-Pacific. 

Tom Walsh, CEO at Enva, said: “Since partnering with Exponent, Enva has developed a portfolio of innovative waste-to-product technologies to support our customers, acquired a range of synergistic businesses, and brought on a strong bench of talented managers to support key parts of the business. This has allowed us to develop our value added, circular economy-driven proposition and has cemented our position as a leading resource recovery platform in the UK and Ireland. I am delighted to begin the next step on our journey with I Squared Capital.”

James Gunton, Partner at Exponent, said: “We are proud to have been part of Enva’s successful journey so far under Tom’s leadership. Over the last six years, the business has grown into a leading platform in its markets with a wide range of sustainable waste recovery and recycling solutions. We are delighted with the outcome and are confident Enva will continue to thrive with I Squared Capital’s backing.”

Niall Wall, Executive Chairman at Enva, said: “I am proud of the growth we have achieved in partnership with Exponent, and the development of a range of services to help Enva’s customers navigate a rapidly evolving regulatory and environmental landscape. This gives Enva a strong foundation for the future as ESG becomes an increasingly critical business focus.” 

Enva’s business model is at the heart of the circular economy and the company is well positioned to benefit from long-term secular trends including increasingly robust regulation around waste and recycling, strong consumer demand for recycled products, and increasing demand for waste-derived materials as industry seeks to address its CO2 footprint

The completion of the acquisition is subject to customary regulatory approvals and is anticipated in Q2 2023.

Notes to editors

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About Exponent 

Established in 2004 with offices in London, Dublin and Amsterdam, Exponent is a leading private equity firm that partners with management teams to create market-leading businesses. The Firm focuses on primary investment opportunities, purchasing businesses from corporates and families/entrepreneurs where new ownership enables the business to realise its full potential. Exponent specialises within sectors (Media, Consumer, Financial Services and Business Services); and combines this with deep operational expertise to deliver revenue-driven profit growth for its portfolio and investors. Now investing from its fourth fund, Exponent has raised more than €3 billion to date. A selection of Exponent’s current and past investments include market leading businesses such as Trainline, Moonpig, Ambassador Theatre Group, Big Bus, Dennis (publisher of ‘The Week’ magazine), SHL, Isio (formerly KPMG Pension Advisory) Loch Lomond and Quorn Foods.

Exponent has been investing in Ireland for over ten years. In addition to Enva the Firm acquired Fintrax in 2012 (now known as Planet), the Racing Post in 2016 and most recently, in 2022, Co. Limerick based H&MV Engineering, the leading specialist in high voltage electrical engineering and Xeinadin, the leading provider of accountancy services and business advice for SMEs across the UK and Ireland. 

About Enva

Enva is one of the UK and Ireland’s leading recycling and resource recovery companies. Turnover in FY22 was £294m and the business employees over 1,600 staff. Over 20,0000 customers are serviced from 34 facilities which use the latest technology to maximise the recovery of waste with the aim of developing a range of high quality, low CO2 secondary materials. In doing so Enva significantly reduces carbon emissions and pressure on the earth’s limited natural resources. Over 96% of all the waste processed by Enva is diverted from landfill and in 2022 Enva’s production of secondary materials resulted in avoidance of 336,000 tonnes of CO2 in displacing traditional, extractive raw materials. This is more than eleven times the emissions resulting from its own operations. By 2025 Enva is committed to improving this net Green House Gas (GHG) impact to fifteen times and increasing the percentage of revenue derived from the sale of recovered materials to over 50%.

About I Squared Capital

I Squared Capital is an independent global infrastructure manager with over $37 billion in assets under management focused on investing in North America, Europe, Asia, and Latin America. Headquartered in Miami, the firm has more than 215 professionals across its offices in Miami, Hong Kong, London, New Delhi, Singapore, Taipei, and Sydney. I Squared Capital has invested in a diverse portfolio of 72 companies in 59 countries with over 27,000 employees across the utilities, energy, digital infrastructure, transport, environmental infrastructure, and social infrastructure sectors providing essential services to millions of people around the world.