Absa consortium in ZAR 1.9bn take-private

The acquisition of waste management group EnviroServ is reportedly the largest public-to-private transaction in South Africa this year.

A consortium led by South African private equity firm Absa Capital Private Equity has bought waste management group EnviroServ for ZAR $1.9 billion (€148 million; $187 million).

The deal reportedly represents the largest public-to-private transaction in South Africa this year in what has been a dry 12 months for leveraged buyouts in the emerging economy.

Meadowdale-based Enviroserv provides wastewater treatment, earth preservation and recycling services, according to the company’s website.

Absa could not be reached for comment.

The firm, the private equity unit of the eponymous South African investment bank, is currently raising  ZAR 14 billion for its second fund, according to a private placement memorandum obtained by PEO through an investor.   

The firm targets upper middle market companies with enterprise values between ZAR 600 million and ZAR 5 billion.

Led by chief executive Andre Pieterse, Absa has emerged as one of South Africa’s higher profile firms since its formal reorginisation three years ago, participating in three of the 10 largest South African buyouts of 2006.