Tue, 23 Jul 2024
22.7 C
Durban

New majority shareholder to continue waste management vision

Home Infrastructure Water & Waste New majority shareholder to continue waste management vision

ORICOL Environmental Services has announced that Infra Impact Investment Managers has acquired a majority equity stake in the company from Lereko Metier Environmental Solutions Holding.

The successful share sale transaction sees the Infra Impact Mid-Market Infrastructure Fund 1 become the new majority shareholder in the company, effective 4 June 2024, after the deal met all the required regulatory approvals.

The Infra Impact fund is committed to investments in waste management, telecommunications, clean energy and water and sanitation.

This, together with its objectives of creating jobs, addressing sustainable development goals (SDGs), reducing CO₂ emissions and focusing on green energy solutions aligns perfectly with Oricol’s mission of turning waste into a resource.

“We firmly believe that we are partnering with like-minded, seasoned professionals who share our values, ethos and growth aspirations,” said Oricol CEO Graeme Smart.
Smart paid tribute to Lereko Metier Environmental Solutions Holding, saying it has been an “incredible journey” partnering with them over the past 13 and a half years.

Lereko Metier Environmental Solutions Holding acquired its stake in Oricol, in conjunction with the company’s leadership team, in November 2010 when it concluded a buyout from its French principal Veolia Propreté.

“Our passage with Lereko Metier has been one no one could have asked for. I know we will have a great relationship with our new investors,” said Oricol founder and executive chairman Richard Sanders.

The Oricol executive team remains unchanged. However, there will be changes at the Board level.
Mark Van Wyk, Colletta Simungu and Morné Edas of Infra Impact will take their place on the new board as principals, replacing the outgoing Anthony Hewat and Marc Immerman of Metier Private Equity and Mpumi Mkwanazi and Cedric Mampuru of Lereko Investments.
“We are excited about the challenges ahead and look forward to rolling out our strategies and engaging with the Infra Impact team to take Oricol to new heights,” said Smart.

About Oricol Environmental Services

Oricol Environmental Services has been delivering tried and tested environmental management services since 2002.

As a triple ISO-accredited South African-owned and managed environmental services company, its mission is to achieve maximum diversion of waste from landfills.
From environmental management services on-site, collection of waste and recyclables, waste processing and waste sales, Oricol remains the only environmental services business that offers a full solution to its clients.

In 2023, Oricol diverted 73% of the waste it collected from landfills – a total of 119,563 tons.

Most Popular

Kouga Municipality acts against suspected illegal sale of electricity

THE Kouga Municipality says it has recently become aware of acts of fraud and corruption relating to the illegal sale of electricity and suspended...

President must announce incentives for electric vehicles

OPINION | ZERO Carbon Charge calls on President Ramaphosa to announce in his Opening of Parliament Address on Thursday that the new Government of...

Ngqura terminal to speed up with 50 new haulers

THE Ngqura Container Terminal (NCT) has taken delivery of 50 new haulers to increase citrus loading rates as mid-season approaches, Transnet’s Eastern Cape Terminals...

SIU authorised to probe Nelson Mandela Bay lights contract

THE Special Investigating Unit confirmed on Monday that President Cyril Ramaphosa has authorised the unit to investigate allegations of serious maladministration in the affairs...