There’s a battle brewing in Australia’s waste industry, with the family owners of Queensland’s BMI Group entertaining offers for the company.
Street Talk understands PwC has signed a who’s who of Australia’s waste industry to confidentiality agreements and ushered them into BMI Group’s data room, in the hope of capturing a huge payday for the company’s backers.Sources said trade players Macquarie/Bingo, Cleanaway Waste Management and Veolia were working through the information memorandum, seeking to decide whether to lob a non-binding bid and get serious about a big move in south-east Queensland.
BMI Group is owned and overseen by Brisbane’s Balfour Irvine and its assets include waste facilities at Acacia Ridge, Mt Gravatt and Nudgee in Brisbane, north of the city at Lawnton, at Stapylton on the Gold Coast and at Swanbank in Ipswich.Sources involved in the auction said the group reported about $50 million EBITDA in the 2022 financial year, and expected to hit closer to $70 million in FY23, fuelling expectations of a $500 million-plus valuation.
It’s an interesting time to test buyer appetite in a substantial, privately-owned waste business. The value of waste assets has increased considerably in the past few years, as investors put waste companies in the ever expanding infrastructure bucket and the sector attracts cashed-up private capital players.
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