Alcentra completes investment in Impetus Waste Management

Sub-investment grade corporate credit specialist Alcentra Limited, part of BNY Mellon, has invested in Impetus Waste Management, a Teeside-based waste management company to support the buyout of the business by Agilitas Partners and Impetus’ management team and provide capital for the implementation of a new development strategy.

The funding takes the form of a unitranche investment and has been provided by funds managed by Alcentra.

Headquartered in Billingham and founded in 2003, Impetus is a waste management business in the North East of England. Through acquisitions and organic growth, Impetus Waste Management has made the transition from a pure landfill business to an integrated provider of waste disposal solutions and Refuse Derived Fuel for customers, to meet continuing landfill divergence legislation and social responsibility agendas.

The acquisition fits in Alcentra’s investment strategy based on lending to attractive European mid-market companies that are experiencing less traditional banking support and to whom Alcentra aims to lend at attractive risk-adjusted returns whilst benefitting from strong downside protection.

The deal follows recent investments in CorpAcq, Mountain Warehouse, Busy Bees, Cambridge Education and Caffè Nero and is another example of Alcentra’s commitment to a European direct lending strategy, the company also said.

Alcentra has been sourcing and arranging financing to middle market businesses since its launch in 2003. To date Alcentra has invested over €1.8bn in more than 85 middle market transactions across senior debt, unitranche, second lien, mezzanine and equity co-investments. Impetus represents the 11th investment executed by Alcentra as part of its Direct Lending strategy in 2013.

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