Macquarie Infrastructure Partners ("MIP") and Wheelabrator Technologies Inc. ("Wheelabrator") announced today that MIP, acting through one of its managed funds, has completed the purchase of Wheelabrator from funds managed by Energy Capital Partners ("ECP").
Image: Macquarie Group's global headquarters in Sydney, Australia. Photo: courtesy of Sardaka/Wikipedia.org.
MIP operates within the Macquarie Infrastructure and Real Assets (“MIRA”) division of Macquarie Group.
Wheelabrator is a leading owner and operator of waste-to-energy (WtE) facilities. Wheelabrator provides critical waste disposal solutions for local communities and delivers baseload, renewable energy to residential and commercial customers. Wheelabrator currently has a platform of 25 strategically located assets located in the U.S. and the U.K, including 19 WtE facilities (three under construction), two waste fuel facilities and four ash monofills.
Robert Boucher, President and CEO of Wheelabrator, said: “We look forward to working with MIP to continue operating as a trusted and reliable provider of sustainable post-recycled waste disposal and renewable energy generation for the customers and communities we serve. Wheelabrator remains focused on executing our strategy, our priorities and our vision—to develop, deliver and realize the potential of clean energy. I would like to thank the entire team at Wheelabrator for its efforts during the sale process and over the last few months to ensure a smooth transition.”
“We are very pleased to partner with Wheelabrator and its management team to continue to provide high-quality waste-to-energy services in the communities that Wheelabrator serves. We look forward to working together in the years ahead to ensure Wheelabrator’s continued success,” said Karl Kuchel, CEO of MIP.
The sale was approved by the Federal Energy Regulatory Commission, Committee on Foreign Investment in the United States, Department of Justice, Federal Trade Commission, Federal Communications Commission and the New Jersey Department of Environmental Protection.
Credit Suisse and UBS Investment Bank served as financial advisors to Wheelabrator on the sale and Latham & Watkins LLP served as legal counsel. Greentech Capital Advisors and RBC Capital Markets served as financial advisors to MIP and Kirkland & Ellis served as legal counsel.
Source: Company Press Release