Navis buys Singaporean e-waste company

The Southeast Asia-focused firm has bought a majority stake in TES-Envirocorp and intends to help it expand to the US and Europe.

Navis Capital Partners has bought a “sizeable majority stake” in Singapore-based TES-Envirocorp, an electronic waste recycling company, according to a company statement.

Financial details were not disclosed. But Nick Bloy, founding partner, told Private Equity International that the deal range was between $100 million-$150 million and the company’s enterprise value was between $175 million-$250 million.

TES processes both consumer waste discarded from households and post-industrial waste, typically products that had defects during manufacturing.

Navis intends to expand TES regionally and into the US and Europe. 

“Discarded electronic products need responsible destruction so there are no heavy metals or toxins seeping into landfills,” Bloy explained. “China and Europe both have government schemes to keep [e-waste] out of landfills.”

The investment came from Navis Asia Fund VI, a $1.2 billion vehicle with a 2009 vintage. Fund VI is just over 60 percent invested with an additional 17 percent marked for follow-on investments, Bloy said.

Earlier this year, Navis invested $35 million into Vietnamese seafood processor Godaco. The firm also exited duck processing firm Bangkok Ranch and its subsidiary Duck To Holdings to a consortium of investors in a deal worth around $200 million, PEI reported earlier.

Malaysia-based Navis Capital Partners has a core focus on Southeast Asia. It manages $3 billion in equity capital and has done about 60 control transactions since it was founded in 1998.