Cory Riverside Energy bought by new investors

Written by: Jo Gallacher | Published:
Sources said the deal valued Cory at £1.5 billion

A consortium of companies has agreed to buy UK energy recovery company Cory Riverside Energy from Strategic Value Partners (SVP), EQT Credit, Commerzbank and other shareholders.

Investors Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers announced the takeover yesterday.

Majority owner SVP Global first invested in Cory in 2014 and led the company’s financial restructuring in 2015.

Cory then sold its non-core business in waste collection and landfill and gas to refocus on its energy recovery facility which operates on the banks of the River Thames in Belvedere.

Sources said the new deal valued Cory at just over £1.5 billion, with investors responsible for the restructuring making more than £850 million in profit.

The business processes around 750,000 tonnes of London’s non-recyclable waste and generates 528GWh of renewable energy, powering the equivalent of 160,000 homes.

Alistair Ray, chief investment officer of Dalmore Capital and speaking on behalf of the investors, said: “Cory Riverside Energy represents a unique opportunity to invest in a critical part of London's waste infrastructure and we are very pleased with the outcome of the transaction.

“As a long-term infrastructure investor Dalmore Capital and the consortium see the value of the business and look forward to continuing to invest in the business and growth of Cory Riverside Energy operations.”

J.P. Morgan and Credit Suisse advised on the sale of Cory, with Linklaters serving as legal advisor.

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