RenoNorden Holding acquires the Tender Division of Renoflex-Gruppen A/S
RenoNorden Holding AS (”RenoNorden”) has acquired the household waste collection division (the “Tender Division”) of Renoflex-Gruppen A/S (“Renoflex”), a leading Danish waste management company. Renoflex’ Tender Division is one of the leading collectors and transporters of household refuse and waste in Denmark, servicing 12 out of 98 municipalities mainly in the Zealand- and Capital region. The Tender Division has grown strongly over the last five years, and had a turnover of DKK 170 million in 2009.
RenoNorden will continue to develop the Tender Division along existing lines adding best practise in relevant areas. Moreover, the Tender Division will be the platform for RenoNorden’s future growth in Denmark, which may also include organic or acquisitive growth beyond Zealand.
The Managing Director of the Tender Division, Torben Lindholm, is looking forward to being a part of RenoNorden: “When it was strategically decided to divest the Tender Division, we are very happy to become part of an organisation that has demonstrated a willingness to grow within our core market of municipal waste collection. RenoNorden has a proven strategy and a remarkable focus on quality and details which will be a positive contribution to our business.”
Svein Tore Aurland, CEO of RenoNorden, is very pleased with the transaction. “We are impressed by the strong growth in revenues and profitability carried out by the management and employees of the Tender Division over the last years. They have managed to deliver high quality services to municipalities as well as being price competitive. We believe that the Tender Division’s strong corporate culture and operational model are consistent with RenoNorden’s own core values.”
“We think the Tender Division, with its strong position in Zealand and proven performance, represents an excellent opportunity as a platform for growth in the Danish market. An acquisition of the Tender Division is in line with RenoNorden’s strategy of building a leading Nordic player within municipal waste collection”, says Lars Grinde, Partner in Norvestor Equity and Chairman of the Board of Directors in RenoNorden.
For further information, please contact: Karsten Kronborg, CEO, Renoflex-Gruppen
Tel: +45 27 12 62 62
E-mail: kk@renoflex.dk
Torben Lindholm, Managing Director, Renoflex Tender Division
Tel: +45 22 49 03 35
E-mail: tl@renoflex.dk
Svein Tore Aurland, CEO, RenoNorden
Tel: +47 41 90 00 19
E-mail: st.aurland@renonorden.no
Lars Grinde, Managing Partner, Norvestor Equity
Tel: +47 40 21 14 44
E-mail: lars.grinde@norvestor.com
Renoflex-Gruppen A/S is a leading Danish collector of both household and commercial refuse and waste, and further has activities within treatment and recycling of various fractions of waste, including smaller electronic waste, paper and metals. Homepage: www.renoflex-gruppen.dk
RenoNorden was incorporated in 2000 as a specialized niche operator within municipal waste collection and has mainly through organic growth become the market leader in Norway. As of 1
January 2010 the number of municipalities served is 92, comprising more than 1.7 million inhabitants. In 2007 RenoNorden started a successful expansion to Sweden and today operates 10 municipalities. RenoNorden’s success is based on cost leadership and detailed planning of the waste collection process for maximum operational efficiency, coupled with a strong emphasis on quality in all aspects of the operations. Homepage: www.renonorden.no