31 October 2006
STAR Capital Partners announces sale of its
investment in recycling business to Befesa for €330 million.
STAR Capital Partners (“STAR”) announces
the sale of BUS Group, a leading European recycling company to Befesa
Medio Ambiente SA for an enterprise value of €330 million.
The sale is the third realisation from its STAR 1 Fund which focuses
mainly on investing in and developing capital intensive and asset
based investment opportunities. The sale is conditional upon approval
by the German competition authorities.
BUS Group (the "Company") is the leading European
recycler of metal containing dust produced by the European EAF Steel
Industry. The company provides an essential service to recycle metal
containing wastes produced during the steel making process. BUS
recovers the metals (mainly zinc and nickel) which are either returned
to steel producers for re-use or sent to smelters for re-processing
into high grade base metal. The Company operates from five recycling
plants in Germany, France and Sweden. .
STAR acquired BUS in January 2005, and has since
invested in significant capacity enhancements at its plants in Sweden
Commenting on the realisation:
Stephen Wright, Managing
Director of STAR Capital said:
“BUS is a good example of STAR’s strategy of investing
in asset-based businesses with low downside risk and growth potential.
The business has significantly outperformed our expectations and
has been a very successful investment for us. We wish all those
at the Company well under its new ownership.”
Chief Executive Officer of BUS, added:
"Having consolidated its position over the last couple of years
and initiated several significant expansion projects, the company
is ideally placed for the next stage of its development. This is
a compliment to all employees of the company. STAR has been a valuable
and highly supportive partner during our time under its ownership.
We look forward to delivering similar success to Befesa."
Tony Mallin, CEO of
STAR Capital, added
“This is another example that our differentiated investment