Beijing Capital Group has announced the sale of the Waste Management New Zealand business to Igneo Infrastructure Partners (Igneo). The sale is subject to Overseas Investment Office approval and is expected to be finalised late 2022.
It offers a range of opportunities to grow our New Zealand business and will be positive for our customers, our company, our team and the communities in which we operate.
Managing Director Evan Maehl has met with senior executives of Igneo on several occasions through the sale process. They are very interested in Aotearoa New Zealand and the potential that this market offers, as well as our drive towards the circular economy and a low carbon future.
Igneo Infrastructure Partners is part of the First Sentier Investors Group and invests in high-quality infrastructure companies in the utilities and transport sectors across the UK, Europe, North America, Australia and New Zealand. It’s been operating since 1994 and today manages $21.84bn worth of assets on behalf of more than 120 investors around the world. The team has a strong focus on environmental, social and governance (ESG) performance.
Waste Management NZ represents the third standalone investment made by Igneo in New Zealand in recent years, with other investments including First Gas, a natural gas transmission, storage and distribution business; and Tuatahi First Fibre, the second largest fibre-to-the-premises broadband network.
Igneo will be retaining the current New Zealand management structure of Waste Management. The company will remain as one integrated New Zealand operation, Evan Maehl will remain the Managing Director and together we will continue to grow our business with a focus on delivering quality, sustainable services that protect the environment and the safety of our team and communities.
Beijing Capital Group’s ownership of Waste Management New Zealand has represented an outstandingly positive collaboration between China and Aotearoa. BCG’s investment has allowed us to expand on our world leading technology, including at our energy-creating landfill and energy parks and to move forward with the electrification of our diesel fleet. We wish to thank them for their support over eight years.