Kvale Advokatfirma DA (trustee of the RenoNorden ASA bankruptcy estate) is pleased to announce that the Swedish (RenoNorden AB) and Finnish (RenoNorden Oy) entities of RenoNorden ASA have been acquired by the Spanish-based environmental management company Urbaser S.A
Commenting on the announcement, Tom Hugo Ottesen, trustee of the RenoNorden ASA bankruptcy estate said
“We are very satisfied that we have been able to ensure that the business of RenoNorden in Sweden and Finland will be continued by a strong industrial player capable of further developing the companies for the common benefit of the employees, contract parties and creditors. We would also like to take the opportunity to extend our gratitude to all involved parties and in particular the management of RenoNorden for their hard work during this period of turbulence and uncertainty. Going forward, the estate will continue its work in order to also solve the situation of the Danish subsidiary in a successful matter for all parties involved.”
Urbaser did not previously have presence in the Nordic waste collection market and will as a consequence of the transaction gain a significant market share and a solid platform for further growth.
Commenting on the transaction, José María López Piñol, Chief Executive of Urbaser S.A. said
“We are very excited to enter the Nordics waste collection market and join forces with RenoNorden AB and RenoNorden Oy. We consider the Companies as a great opportunity to enter into the Nordic region with a leadership position, a region which has been one of the priorities for Urbaser for years as we did not have presence so far and it provides large markets with reasonable expected growth and development potential. Additionally, we have realized throughout the process that the Companies’ management is experienced and highly talented, so we expect strong benefits of joining our respective strengths, and we will work together on developing the companies.”
Danske Bank Corporate Finance and DNB Markets acted as joint financial advisors to the trustee.
The parties have agreed to not disclose the purchase price and the transaction is still subject to certain closing conditions.
About RenoNorden AB and RenoNorden Oy
RenoNorden AB (based in Stockholm, Sweden) and RenoNorden Oy (based in Helsinki, Finland) represent former subsidiaries of RenoNorden ASA. Both companies are waste collection specialists in their local markets and have operated as going concern, stand-alone businesses since the bankruptcy of the Norwegian parent entity, RenoNorden ASA.
About Urbaser, S.A.
Urbaser is a world leader in environmental management, a global sustainability-oriented company, serving more than 50 million people in 22 countries through a huge network of more than 40,000 employees and over 160 subsidiary companies.
For further inquiries, please contact:
Tom Hugo Ottesen Partner,
Kvale Advokatfirma DA
Trustee for RenoNorden ASA Bankruptcy Estate
+ 47 908 28 291
Antón Álvarez Managing Partner,
Evercom José Tamarit Hernández
Accounts executive, Evercom
+ 34 91 577 92 72