RiverRidge, one of Northern Ireland’s largest waste management companies, has been bought by two Luxembourg investment companies for an undisclosed sum
Cube Infrastructure Managers and Equitix Investment Management have purchased a majority stake in the company founded by CEO Brett Ross more than 12 years ago.
It employs around 280 people at five sites in Belfast, Mallisk, Coleraine, Portadown and Londonderry, treating and disposing of residual waste for seven local authorities and more than 5,500 commercial customers, with a focus on generating energy from waste. In total, the company removes about 400,000 tons of waste per year.
Equitix has a second investment in Northern Ireland after taking a stake in firmus energy in 2019
The latest purchase alongside Cube follows the exit of BGF, which has been a major investor in the company since 2016.
“RiverRidge has grown from humble beginnings in 2011 to a 2023 company at the forefront of waste management technology,” said Brett Ross, CEO of RiverRidge. “We have remained true to the group’s vision and values throughout this period and believe today’s announcement is a confirmation of the hard work of our team and the chosen strategy to revolutionize the industry.”
BGF said the investment provided strong returns for its company.
“It is exciting to see RiverRidge attract this significant investment to deliver the next phase of its ambitious growth plans,” said Graham Clarke, investor at BGF. “Over the past six years we have built a strong relationship with Brett and his team. It is therefore extremely gratifying that after this investment the company is well positioned for the next phase of its growth trajectory.
“This is BGF’s second material exit in Northern Ireland in recent months, delivering another strong return of more than 2x MM over BGF’s minority investment, and further underlining the quality of the business and management teams operating in the province exist.”
