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LONDON, June 8, 2018 /CNW Telbec/ - A consortium comprising Fiera Infrastructure, Dalmore Capital, Semperian PPP Investment Partners and Swiss Life Asset Managers has agreed to acquire 100% of Cory Riverside Energy from Strategic Value Partners, Commerzbank, EQT and other shareholders.
Cory Riverside Energy is one of the UK's leading resource management, recycling, and energy recovery companies. The company developed, owns and operates the largest operating Energy Recovery Facility in the United Kingdom, processing London's waste into electricity, metals and construction aggregates. The facility generates c.525,000 MWh of electricity each year by processing circa 750,000 tonnes of household and commercial waste every year. Unique to the asset is that it uses the River Thames as a green highway, transporting waste to the facility utilizing a fleet of tugs and barges, removing around 100,000 truck movements a year off congested London roads.
The transaction is expected to complete in 2018.
Macquarie and Rothschild acted as financial advisors and Ashurst acted as legal advisor to the consortium.
Alina Osorio, President of Fiera Infrastructure, said: "Cory Riverside Energy is a high-quality asset that will deliver stable and recurring cash flows to investors. This transaction bolsters our portfolio in the UK and is our first acquisition in the waste-to-energy market. This is a particularly exciting sector to invest in given its attractive long-term growth prospects and the broader trend towards the creation of a circular economy. We look forward to working with the consortium and Cory Riverside Energy to strengthen the business and ultimately deliver returns to our investors."
About Fiera Infrastructure
Fiera Infrastructure is a leading global mid-market infrastructure investor across all subsectors of the infrastructure asset class. Led by a team of highly experienced and specialized professionals, the firm leverages strong global relationships and a rigorous approach to investment and asset management, in combination with Fiera Capital's excellence in portfolio management and personalized investment solutions. Our uniquely diversified funds recognize the exclusive characteristics of the alternative asset class, while optimizing governance and alignment with investors. Fiera Infrastructure has more than C$1bn in assets under management. www.fierainfrastructure.com
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with approximately C$136.4 billion in assets under management as of March 31, 2018. The Firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital's depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
In the U.S., asset management services are provided by the Firm's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.
Additional information about Fiera Capital Corporation, including the Firm's annual information form, is available on SEDAR at www.sedar.com.
About Cory Riverside Energy
Cory Riverside Energy is one of the UK's leading resource management, recycling, and energy recovery companies. The company developed, owns and operates the largest operating Energy Recovery Facility in the United Kingdom, processing London's waste into electricity, metals and construction aggregates. Cory was originally founded in London by William Cory and his sons, and has been navigating its fleet on the River Thames since 1896. Cory's Riverside Energy Recovery facility, at Belvedere, is fed by a unique river-based infrastructure along the River Thames, which uses tug boats and barges for delivering three quarters of a million tonnes of residual waste to the plant each year. Cory has long term contracts with a number of London waste authorities, processing the household and commercial waste of seven London Boroughs including Hammersmith and Fulham, Kensington and Chelsea, Lambeth, Wandsworth, City of London, Tower Hamlets and Bexley. The company also holds a number of significant commercial and industrial (C&I) contracts.
SOURCE Fiera Capital Corporation