9 December 2013 - The shareholders’ committee of Attero has agreed to the proposed sale of the company to Waterland Private Equity Investments. The Board and shareholders of Attero expect this to offer good perspectives for the future, continuing along the route that the company has already started out upon of sustainable development, recycling and regional cooperation with its customers. The takeover is for a sum of €170 million. The intended sale must first be presented to the Works Council of Attero. The individual shareholders will then have to decide about the sale of their own shares.
“Waterland is a stable partner who would like to invest in the future of Attero and its staff,” says Bert Pauli, the chairman of the shareholders’ committee. “The aim is to create a robust company with good perspectives. This will maintain the employment levels. In addition, Waterland has a good reputation and an eye for sustainability and innovation.”
According to Attero’s general manager Pierre Vincent, Waterland is backing the strategy that the company has chosen, for instance in balancing its portfolio better with contracts for proportional amounts of commercial waste and imported waste in addition to household waste. “Waterland have stated that they would like to invest in the development of Attero. This will provide continuity and allow Attero to keep operating independently, which is good for our staff. Our customers will also still be able to count on environmentally aware and innovative processing of their waste streams, at terms and conditions that are in line with the market.”
Rob Thielen, chairman and founder of Waterland, is delighted with the proposed takeover. “Attero has a strong portfolio of activities in sustainable energy and waste management. We see opportunities for further growth in the waste processing sector, driven for instance by developments in waste separation technology and internationalisation. Together with the management of Attero, we're looking forward to realising that growth.”
When the Essent shares were sold in 2009 and Attero was split off, the shareholders had already come to the conclusion that waste processing - and therefore participation in Attero - was not part of their strategic core activities. At the beginning of this year, the shareholders' committee decided to examine the options for positioning the company properly for the future with one or more different owners. After an initial market exploration, a decision to start the sale process was taken in June.
During the next months, the following steps will be taken in order to complete the transaction. The intended sale will first be presented to the company’s Works Council. The competition authority (Autoriteit Consument en Markt, the Authority for Consumers & Markets) will also be notified and must approve the proposed transaction. The shareholders will then have to decide individually whether they want to offer their shares.