Navis Capital Partners and SK Ecoplant, a South Korean environmental service provider, have signed a definitive agreement for the acquisition of 100 per cent of TES by SK Ecoplant. The transaction values TES at an enterprise value of US$1 billion and is expected to close in Q2 of 2022.
The sustainable IT lifecycle market is a means to help create a zero-waste, zero-pollution circular economy. For SK Ecoplant, the acquisition of TES will be a key driver in accelerating its entry into the global market for environmental services. It is also hoped that the acquisition will maximise the synergies that both companies have in battery recycling and plastics innovations, as well as broadly accelerate the growth plan for TES’s existing business strategy.
“The acquisition of TES will be a milestone for SK Ecoplant to become a leader in the exponentially growing global sustainable IT lifecycle services market,” Park Kyung-Il, CEO of SK Ecoplant, said. “The company will continue to invest in companies with high growth potential and innovative technology and pursue M&A activity to become a global-leading environmental solutions provider.”
Gary Steele, TES’s chief executive officer, said: “TES’s mission is to make a decade of difference by securely, safely, and sustainably transforming and repurposing one billion kilograms of assets by 2030. SK Ecoplant’s experience and shared vision of a more sustainable world make them the perfect partner for TES. The commitment represented by SK’s investment reaffirms that, and we could not be more excited about working with them to offer sustainable technology solutions that drive the circular economy.”
Jean-Christophe Marti, senior partner at Navis, commented: “Working with the TES team to help transform the business over the last eight years has been a privilege. Under Navis’s stewardship, TES has grown to become an industry leader with an excellent management team, strong operational processes that have raised the bar for ESG compliance across the industry, and a global network of facilities to serve its blue-chip clients. TES is also ideally positioned to be a key player in the upcoming global energy transition. SK Ecoplant, a leader in the Korean environmental services market, is ideally suited to help take TES to the next level.”