Private equity firm backs Impetus Waste Management MBO
Private equity specialist Agilitas has announced that it has invested in the management buyout of Impetus Waste Management.
Agilitas has not disclosed the amount it invested in the MBO.
Impetus was founded in 2003 and is based in Stockton-on-Tees. It specialises in the disposal of commercial, domestic and hazardous waste. It handles more than 500,000 tonnes of commercial, industrial and municipal waste annually. The company has waste transfer stations in Wallsend and Washington, and landfill sites in Cowpen Bewley and Teesport.
As part of the Impetus’ strategy for diversion away from landfills, the company has recently signed a 20-year agreement to supply waste to renewable energy specialist Air Products.
Air Products will construct and operate an advanced gasification energy-from-waste plant in Teeside. Impetus will build a new waste transfer station adjacent to the Air Products plant, which will be capable of processing 600,000 tonnes of waste per annum.
The plant is expected to produce electricity to power up to 50,000 homes. Longer term, this plant would have the potential to generate a renewable source of hydrogen for commercial use, for example to fuel public transport. The facility is expected to enter commercial operation at some point this year.
Commenting on the announcement, Impetus managing director Richard Lord said: “With landfill sites in the north east likely to be full by the end of the decade, it is vital to find a new approach and I am delighted to be working with Agilitas in the development of a new defensible green business.”
Agilitas founding partner Martin Calderbank added: “Impetus is an organisation at the crossroads of transformational change and we see huge opportunities in helping the management team develop their business in waste to energy.”
Torbjorn Midsem, partner at Agilitas and joining Martin Calderbank on the Board of Impetus, added: “This investment enables Impetus to seize opportunities created by two major trends: the need for new solutions for waste, and the need for new sources of energy.”