Suez has formalised its acquisition of Perthwaste, a leading waste management services provider in Western Australia, which was announced in April.
The takeover, which is valued at $87 million, was finalised on 1 June in Perth, after Suez had announced entering into an agreement to buy the company on 6 April.
Founded in 2001, Perthwaste provides waste management services across Western Australia’s state capital and its south west region. The company has a large and well-established customer base across local government and commercial markets, serving a population of 760,000 people across numerous contracts.
Perthwaste’s waste infrastructure assets include two waste transfer stations, two materials recycling facilities, three depots, a landfill and a composting facility. With around 185 employees and a fleet of 68 trucks, the business is forecast to generate revenues above $50 million in 2016.
Suez CEO for Australia and New Zealand, Mark Venhoek, said the acquisition of Perthwaste complements Suez’s local presence.
“Perthwaste and Suez are highly complementary businesses. The united strengths of the combined waste management facilities, fleet and experienced people is a perfect fit for Suez’s growth strategy in the West Australian market,” Mr Venhoek said.
“Perth is Australia’s fastest growing capital and Suez will continue to invest in and grow our operations in the state,” he added.
The sale was approved by the Australia’s Foreign Investment Review Board and the Australian Competition and Consumer Commission.
Suez aims to complete the integration of the Perthwaste business by the end of the year.