CVC DIF makes first Asia investment with ECO stake purchase
Summary
CVC DIF has acquired a 49.9% stake in Singapore-based hazardous waste management company ECO from S\xe9ch\xe9 Environnement, marking its first investment in Asia.CVC DIF is investing an unspecified amount on behalf of the DIF Infrastructure VII fund to own ECO alongside S\xe9ch\xe9 Environnement.ECO, which provides hazardous waste management services in Singapore, operates 12 waste incinerators and four specialised treatment facilities, including a cementation plant for inorganic waste and a wastewater treatment plant for both organic and inorganic liquid waste.Gijs Voskuyl, managing partner at CVC DIF, said: ECOs leading market position, their longstanding and diversified client relationships and the high barriers to entry in the sector make this an interesting investment for DIF Infrastructure VII.Moreover, this investment marks the first investment of CVC DIF in Southeast Asia, on the back of CVC DIFs global sector relationships and CVCs widespread local office network in the region.Alvin Lim, senior managing director at CVC Asia, said: This acquisition is a pivotal entry point for CVC DIF in Asia.With CVC DIFs infrastructure sector expertise and CVC Asias strong local presence, we are excited to support ECOs management team, in partnership with S\xe9ch\xe9 Environnement, to further drive ECOs growth initiatives.Maxime S\xe9ch\xe9, CEO of S\xe9ch\xe9 Environnement, said: We are delighted to have CVC DIF, a key player in infrastructure investment, as a long-term partner in ECO. Together, we share an ambitious vision for ECOs future, one that aligns with CVC DIFs ambition to advancing infrastructure across Asia.The combination of our industrial, financial and strategic expertise provides a strong foundation for ECOs growth in Southeast Asia.To read the latest IPE Real Assets magazine click here.