RiverRidge is one of Northern Ireland’s largest waste companies, with a fleet of 70 vehicles, a network of waste transfer stations and three materials recycling facilities (MRFs) across the country.
RiverRidge holds contracts with seven Northern Irish local authorities and 5,500 commercial clients and also owns a minority stake in the £107 million gasification plant in Belfast’s Harbour Estate, which the two asset management firms said is “Northern Ireland’s only operating plant”.
Brett Ross, CEO of RiverRidge Holdings Ltd, commented: “RiverRidge has grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology. We have been true to the vision and values of the group over this period and believe that this announcement is an endorsement of the hard work from our team as well as the strategy chosen to revolutionise the sector. We are looking forward to working with our new investors over the coming years to ensure the company continues to push the boundaries on waste to energy.”
A timeline of the construction of the 160,000 tonnes per year capacity plant can be seen below.
A joint statement from Cube and Equitix yesterday (22 May) said RiverRidge has “ambitions to transition up the waste hierarchy, with a pipeline of development opportunities, further improving treatment options in the Northern Irish market”.
In 2022, the company says it treated over 400,000 tonnes of co-mingled waste, and generated £60 million in revenue.
As part of the transaction the Business Growth Fund, one of the largest and most experienced growth capital investors in the UK and Ireland, has successfully exited the business where it previously held a minority stake since 2016.
Saket Trivedi, partner of Cube Infrastructure Managers, said: “The investment in RiverRidge Holdings represents a unique opportunity for Cube to acquire an essential infrastructure asset in a new geographic location, with the embedded opportunity to pivot towards the generation of renewable energy from waste. We are excited to be able to enter this journey with Equitix as our long-term partner, which will be instrumental in providing valuable expertise for the future growth of the company.”
Equitix has worked with RiverRidge for many years as it owns a stake in the Belfast gasification plant.
We expect to invest in and grow the business over the coming years
- Hugh Crossley, Equitix
Hugh Crossley, chief executive officer of Equitix, added: “Equitix has known and had excellent collaboration with RiverRidge for near to 10 years. We have a huge respect for the management team and are very pleased to extend this relationship by acquiring a stake in the company.
“This also allows us to proudly increase our commitment and presence to Northern Ireland. With the RiverRidge management team and our partners Cube we expect to invest in and effectively grow the business over the coming years. This important investment aligns with our strategic vision of working in partnership to help reduce the impact of waste on climate change, avoid unnecessary landfill disposal and provide sustainable energy to the communities which our assets serve.”
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