2022 2月 21

BDA advises Navis on the sale of TES to SK ecoplant

Divested TES to SK ecoplant

2022

BDA Partners is pleased to announce that its client, Navis Capital Partners, has agreed to sell its stake in TES-Envirocorp Pte Ltd (“TES”) to SK ecoplant Co Ltd, South Korea’s leading environmental service provider. The transaction values TES at US$1.0bn and is expected to close in Q2 2022. SK ecoplant will acquire 100% of TES from Navis and other minority shareholders.

BDA advised Navis on the transaction.

TES is a sustainable IT and battery lifecycle services market leader, headquartered in Singapore. It operates 43 facilities in 21 countries across Asia, North America and Europe. TES provides a one-stop solution to customers for recycling, repurposing, and reusing IT devices and electric vehicle batteries. Navis invested in TES in May 2013. Since then, TES has grown from being an Asia-focused electronic waste manager to a global sustainability solutions provider. Today, TES has a client base comprising many of the world’s leading IT companies, hyperscale cloud providers, multinational corporations, and electric vehicle manufacturers.

Jean-Christophe Marti, Senior Partner at Navis, commented: “Under Navis’s stewardship, TES has grown to become an industry leader with an excellent management team, strong operational processes which have raised the bar for ESG compliance across the industry worldwide, and a global network of facilities to serve its blue-chip clients. TES is ideally positioned to be a key player in the upcoming global energy transition.”

Paul DiGiacomo, Managing Partner, BDA, said: “We’re very proud to have helped Navis to consummate this landmark transaction. This is the 11th exit on which we’ve advised Navis, which is a testament to our long term partnerships with our clients. This is also the fourth sustainability transaction we’ve announced in 2022. We’re committed to investing significantly in our capabilities to do much more in this important area.” 

Howard Lee, Partner, Head of Seoul, BDA, said: “We’re happy to have helped TES align with SK ecoplant as an ideal partner for its next stage of growth and its vision of a more sustainable world. Our ability to add value on transactions like these reflects BDA’s knowledge in the ESG sector and relationships in the Korean market. We’re delighted to work across the table from SK on this transaction, and deliver another meaningful step in which SK ecoplant goes abroad to accelerate growth.”

Lars Freitag, Managing Director of BDA, added: “The transaction is a demonstration of BDA’s ability to help clients solve complex deal issues and navigate multilateral cross-border intricacies. BDA is building significant expertise and a track record in environmental services and green infrastructure and, more broadly, in the ESG space, both across Asia and other regions, including EMEA and North America.”

About Navis Capital Partners

Founded in 1998, Navis manages approximately US$5 billion in private equity capital and focuses on investments primarily in and around Asia. Navis contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational and financial improvements. Navis has one of the largest private equity professional teams in Asia, comprising 60 individuals, supported by 30 administrative staff, in six offices across the region. Navis has a long and proven track record in pan-Asian private equity, with over 85 control transactions across the Asian region completed since its establishment. www.naviscapital.com

About TES

TES is a sustainable IT and battery lifecycle services market leader, headquartered in Singapore, and operates 43 facilities in 21 countries across Asia, North America and Europe. TES provides a one-stop solution to customers for recycling, repurposing and reusing IT devices and electric vehicle batteries. Today, TES has a client base comprising many of the world’s leading IT companies, hyperscale cloud providers, multinational corporations and electric vehicle manufacturers. www.tes-amm.com

About SK ecoplant

SK ecoplant was founded in 1977 and has since continued growth and development by showing outstanding ability in different fields including infrastructure, architecture, housing, and industrial plants. With the goal of achieving sustainable management, SK ecoplant has established a division that handles eco-friendly solution businesses such as the smart green industrial complex business and the recycling business. The company is currently undertaking 116 projects in 19 countries, and has 15 overseas subsidiaries and 25 overseas branches. www.skecoplant.com

About BDA

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with over 20 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com