Funds managed by Cube Infrastructure Managers and Equitix Investment Management have acquired a majority stake in RiverRidge Holdings, a waste management and energy recovery business in Northern Ireland.
The unnamed funds have invested an undisclosed amount to buy the residual waste treatment and disposal company.
As part of the deal growth capital investor BGF, which held a minority stake in RiverRidge, has exited the business.
Brett Ross, the CEO of RiverRidge Holdings, said: “RiverRidge has grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology. We have been true to the vision and values of the group over this period and believe that today’s announcement is an endorsement of the hard work of our team as well as the strategy chosen to revolutionise the sector.
“We are looking forward to working with our new investors over the coming years to ensure the company continues to push the boundaries on waste to energy.”
Saket Trivedi, partner of Cube Infrastructure Managers, said: “The investment in RiverRidge Holdings represents a unique opportunity for Cube to acquire an essential infrastructure asset in a new geographic location, with the embedded opportunity to pivot towards the generation of renewable energy from waste.
“We are excited to be able to enter this journey with Equitix as our long-term partner, which will be instrumental in providing valuable expertise for the future growth of the company.”
Hugh Crossley, CEO of Equitix, said: “Equitix has known and had an excellent collaboration with RiverRidge for near to 10 years. We have huge respect for the management team and are very pleased to extend this relationship by acquiring a stake in the company.
“This also allows us to proudly increase our commitment and presence to Northern Ireland. With the RiverRidge management team and our partners Cube we expect to invest in and effectively grow the business over the coming years.”
Crossley said the investment also aligns with the firm’s strategic vision of working in partnership to help reduce the impact of waste on climate change, avoid unnecessary landfill disposal and “provide sustainable energy to the communities which our assets serve”.
Graham Clarke, an investor at BGF, said: “We’re delighted to announce a successful exit from RiverRidge, following a fruitful six-year partnership with the business.”
Clarke said RiverRidge was the second company backed by BGF in Northern Ireland and since 2016, BGF’s investment has helped the company to expand its operations both organically and via acquisition, develop recycling infrastructure and build out a management team.
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