As for the other contenders, Macquarie Asset Management’s Bingo Industries is the other big logical trade player, however sources reckon it’s likely still distracted by price fixing case.
There’s understood to be a handful of financial investors also in the mix, Sources said Pacific Equity Partners told PwC it was interested, but didn’t want to waste its time taking on trade players with strong synergies, while US-based Stonepeak’s also understood to have had a look.
Australia’s Igneo Infrastructure, hot off its acquisition of Waste Management NZ, is the other one with strong form in the sector.
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.
The business was pitched with $70 million in annual earnings before interest, tax, depreciation and amortisation, and strong growth on the back of Queensland’s construction industry.
Similar assets have sold for 10 to 15 times EBITDA, although infrastructure money’s emergence in the sector has pushed valuations closer to 20-times.
Street Talk revealed BMI’s auction in August.
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