Oaktree offloads waste management business to IK

This is the sixth investment from IK’s new fund

UK-based IK Investment Partners has bought Evac Group, a Finland-based water and waste management business which focuses on the marine, offshore and building sectors, from Oaktree Capital Management, according to a statement.

Financial terms of the transaction are not disclosed. A source familiar with the deal would only say that the enterprise value was between €100 million and €200 million.

Oaktree and IK declined to comment.

Evac, which was founded in 1975, designs and markets environmentally friendly waste and wastewater collection and treatment systems for the marine, offshore and building industries. The company is headquartered in Espoo, Finland and has a presence in more than 40 countries around the world.

Over the years, Evac has delivered over 1 million vacuum sanitation units for more than 12,000 vessels, including cruise liners, car and passenger ferries, naval vessels, submarines and yachts. The company employs approximately 190 people and its total revenue for financial year 2014 is close to €70 million.

IK will aim to grow the business further both by expanding the business organically and through add-on acquisitions, the firm said.

IK has made the investment using capital from its IK VII Fund, which closed just under €1.4 billion last December. Evac is the sixth investment by this fund, which invests in pan-European mid-sized companies. The other investments are: Hansen Protection, a Norwegian survival suit rental business; Ampelmann, a supplier to the offshore energy sector; VPS, a fuel management services business; Ramudden, a specialist provider of temporary traffic control services; and Exxelia Group, a manufacturer of components used in the medical, railway, defence and oil sectors.

This year, Oaktree was ranked 17th in the PEI 300, a ranking of the world’s 300 largest private equity investment firms. The firm has about $91 billion in assets under management and raised $8.4 billion across its strategies in 2013.