RiverRidge, one of Northern Ireland’s largest waste management companies, has been bought by two Luxembourg investment companies for an undisclosed sum
Cube Infrastructure Managers and Equitix Investment Management have purchased a majority stake in the company which was founded by chief executive officer Brett Ross more than 12 years ago.
It employs around 280 people across five sites in Belfast, Mallisk, Coleraine, Portadown and Londonderry, treating and disposing of residual waste for seven local authorities and over 5,500 commercial clients, as well as focusing on producing energy from waste. In total, the company disposes of around 400,000 tonnes of waste a year.
Equitix has a second investment in Northern Ireland having taken a share in firmus energy back in 2019
The latest purchase alongside Cube follows the exit of BGF which has been a major investor in the business since 2016.
“RiverRidge has grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology,” Brett Ross, CEO of RiverRidge said. “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 from our team as well as the strategy chosen to revolutionise the sector.”
BGF said the investment delivered strong returns for its business.
“It is fantastic to see RiverRidge attracting this significant investment to deliver the next phase of its ambitious growth plans,” Graham Clarke, Investor at BGF, said. “Over the past six years we have developed a strong relationship with Brett and his team it is therefore extremely pleasing that, following this investment, the company is well positioned for the next phase of its growth journey.
“This is BGF’s second material exit in Northern Ireland in recent months, delivering another strong return of over 2x MM against BGF’s minority investment, and again underlines the quality of business and management teams that exist in the province.”
