Finance

Sanlam indirectly acquires a waste manager in South Africa

Friday, 20 January 2023 16:46
Sanlam indirectly acquires a waste manager in South Africa

(Ecofin Agency) - Through its investment branch Sanlam Investments, the insurance company acquired SkipWaste, which then becomes the fourth firm to join its SPE Mid-Market Fund.

African insurance giant Sanlam has indirectly acquired a majority stake in SkipWaste, which provides waste management solutions to industrial, commercial, and individual clients. The amount paid for the acquisition and the exact shares acquired were not disclosed.

The transaction was executed by one of the private equity funds launched in 2020 by Sanlam Private Equity (SPE), the private equity arm of Sanlam's investment branch.

SkipWaste, which has been in the waste management business in South Africa for nearly 40 years, with a portfolio of more than 1,000 clients, seduced investors with its waste treatment model focused on recycling and reuse.

"SkipWaste is set to become the largest majority black-owned integrated waste management solutions provider and a preferred waste-partner for clients looking for greener waste solutions[…] We were attracted to SkipWaste by its uniqueness in the waste management sector and we are excited to partner with the management team of the business.[…] We are looking forward to supporting its waste diversion and diversification strategy in its next growth phase," indicated Paul Moeketsi, Managing partner at  Sanlam Private Equity.

With this transaction, SkipWaste will become the fourth investment made by the private equity SPE Mid-Market Fund I, owned by Sanlam Private, a subsidiary of Sanlam Investments. The vehicle, which is expected to close by the end of the first quarter of 2023, plans to complete between 8 and 12 acquisitions in various sectors in South Africa over the next few years.

SkipWaste is a family business operating since 1984, primarily in Gauteng province. It plans to further develop its activities by offering organic, food, and construction waste recycling solutions to a wider range of customers seeking greener solutions and increase its contribution to the circular economy.

South Africa generates 108 million tons of waste yearly. About 90% of that waste is still going to landfills. According to Gift Pule, an investment associate at SPE, in recent years, the country has "seen a lot of private equity activity from local and global players, which is positive for the economy and the environment."

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