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Allen & Overy advises Exponent on sale of Enva to I Squared Capital

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Allen & Overy has advised Exponent on the sale of Enva, a leading provider of recycling and resource recovery solutions, to I Squared Capital, an independent global infrastructure manager.

Enva is a recycling and resource recovery business with over 1,600 employees across its 34 operational facilities in the UK and Ireland. It provides a range of services to customers in the industrial, commercial, construction and public sectors, with a particular focus on managing hazardous and specialist waste. Sustainability sits at the heart of Enva’s proposition as it leads on the development of a range of low CO2 waste-derived materials as alternatives to traditional, extractive virgin materials.

Enva was created in 2017 through the acquisition of the Environmental Division of DCC Plc, the Ireland based FTSE 100 company, underscoring Exponent’s experience in investing in industrial services businesses and specialist expertise in corporate carve-outs. Exponent partnered with an accomplished management team, led by CEO Tom Walsh and Executive Chair Niall Wall, a highly experienced industrial executive, prior roles included CEO of Ardagh Group and Sterile Technologies Group.

The A&O Corporate team was led by Private Equity Partner Gordon Milne, Senior Associate Tina Barazandeh-Nejad, and Associates Alain Jalbert and Amith Yedugondla. The A&O debt team was led by Leveraged Finance Partner Vanessa Xu and Senior Associate James Green.

Gordon Milne commented “The increased focus by government and business on sustainability has of course led to increasing demand for recycling and waste recovery. I’m very happy we were able to support Exponent across the life of its investment in Enva, and we wish Tom Walsh and his team, together with I Squared Capital, all the best for the future.”